Chainlink Whale Accumulation on the Rise, LINK Price Rally to Continue

 Chainlink Whale Accumulation on the Rise, LINK Price Rally to Continue

Oracle service provider Chainlink (LINK) has been one of the star performers in the altcoin space while clocking nearly 90% gains just over the last month. The LINK price is currently trading around $15 levels with its market cap around $7.9 billion.

Chainlink Whale Accumulation

The 200 largest chainlink whales have added huge quantities of LIBK coins over the last two days. Reportedly, they have been accumulating even before the 100% LINK price rally began.

On-chain data provider Santiment reported that revisiting October 17th, when #Chainlink traded below $7.40, the 200 largest wallets swiftly accumulated an additional 40.18M $LINK. Two days after, the asset witnessed a remarkable surge of +125% in a span of 25 days, currently stabilizing around ~$14.60. The holdings in these wallets have sustained at elevated levels ever since.

Courtesy: Santiment

After a strong price rally earlier in November, Chainlink is witnessing some sort of volatility over the last week. In the last 24 hours, the LINK price is down by 5.09% and is currently trading around $14.30 levels.

Popular crypto analyst Ali Martinez explained that Chainlink appears to be on the verge of breaking out from a bullish flag pattern! A potential scenario involves a retest of the breakout zone around $14, paving the way for Chainlink ($LINK) to advance toward the $20 mark!

Amid all the recent developments, crypto rating agency Weiss Crypto has upgraded Chainlink to an “A-” rating. LINK is the only cryptocurrency along with Bitcoin to get a rating in the “A” range from Weiss.

SWIFT Collaborate With Chainlink To Transfer Tokenized Value

Swift’s successful collaboration with Chainlink and over 12 prominent financial institutions showcased the efficient and secure transfer of tokenized value across both public and private blockchains, facilitated by CCIP.

In this collaboration, Chainlink served as an enterprise abstraction layer, securely connecting the Swift network to the Ethereum Sepolia network. Chainlink’s Cross-Chain Interoperability Protocol (CCIP) played a crucial role in ensuring complete interoperability between the source and destination blockchains.

This achievement, achieved in conjunction with major financial institutions and market infrastructures, highlights Swift’s capability to offer a unified point of access to multiple networks, utilizing existing secure infrastructure. This approach significantly reduces operational challenges and the investment required for institutions to participate in the development of tokenized assets. Chainlink recently announced the launch of Staking v2.0.

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Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.

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