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Chainlink (LINK) has managed to draw the attention of significant players in a cryptocurrency market filled with uncertainties. Priced at $7.36 with a 2.75% increase and boasting a market cap of $3.9 billion, LINK has outperformed its competitors, showcasing a 20% surge in the past month. This bullish trend can be attributed, in part, to the intensified accumulation activities by Chainlink’s larger holders, commonly referred to as ‘sharks’ and ‘whales.’
Esteemed on-chain analytics firm, Santiment, sheds light on Chainlink’s surging momentum. Throughout the summer, Chainlink’s GitHub activity witnessed a notable upswing, positioning it among the top 5 most actively developed digital assets.
🔗🧑💻 #Chainlink‘s #github development activity has been notably higher this summer, leading to the asset cracking the top 5 most frequent developed assets. Additionally, whales & sharks with 100K-10M $LINK now hold the most coins since December, 2022. 🐳https://t.co/p1x6LeiRAG pic.twitter.com/wd2tR5p1A1
— Santiment (@santimentfeed) August 7, 2023
Moreover, Chainlink whales, particularly entities holding between 100K to 10M LINK, have reached their zenith since December 2022, accumulating a staggering $192 million worth of LINK within a brief span.
Chainlink’s Bullish Momentum and Advancements Driving Towards $11 Price Target
Renowned crypto analyst, Michaël van de Poppe, recently shared a robust outlook for LINK in one of his YouTube discussions. He highlights that Chainlink has oscillated between $5 and $9.5. This has played out for nearly 450 days and is now poised to establish a bullish pattern.
By all means, #Chainlink is still having a relatively calm retest here.
Nothing special, just pure normal.
It’s still heavily undervalued and is in my investment and trading portfolio. pic.twitter.com/8Xm4FxHVwS
— Michaël van de Poppe (@CryptoMichNL) August 2, 2023
The expectation is for the price to dip, creating a favourable higher-low pattern before rising strongly. Van de Poppe pinpoints the $6.75 mark as a crucial level for bullish undertakings, hypothesizing a prospective LINK surge to the $11 benchmark.
Chainlink’s Cutting-Edge Technology
On the technological front, Chainlink recently introduced its Cross-Chain Interoperability Protocol (CCIP) for early adopters. This avant-garde protocol aims to invigorate cross-chain utilities and offerings.
After rigorously beta testing with approximately 25 partners, the team integrated CCIP onto the mainnet. This makes it accessible to users across platforms such as Avalanche, Ethereum, Optimism, and Polygon. Notably, this groundbreaking protocol has been instrumental in fortifying Chainlink’s liaison with the renowned SWIFT payment system, predominantly leveraged by global banking institutions.
With the support of influential players and innovative advancements, Chainlink looks set to ride a wave of positivity, potentially leading to an impressive 50% price uptrend.
Key Chainlink Levels To Watch Out For – August 8
LINKUSD has been exhibiting a bullish trend since the start of the second half of the year. The steep incline in the price action highlights the robust presence of Buyers. Furthermore, the Moving Averages with periods 30 and 50 are providing support for the upward movement.
Moreover, the Stochastic indicates an oversold market, signalling that the ongoing pullback will likely be brief. Consequently, as the uptrend is set to resume. It is probable that the price will surpass the previous high below $8.50.
Key Levels For LINK
Demand Levels: $7.240, $6.670, $6.310
Supply Levels: $7.720, $8.090, $8.500
Total Market Capitalization: $1.2T
LINK Market Capitalization: $3.9B
LINK Volume: $255M
Rank: 20
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Note: Learn2.trade is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results.
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