TLDR:
- During the December 2024 price drop to $21.50, Chainlink whales accumulated 3.58 million LINK tokens ($76.9 million) in three days
- The current LINK price is $21.68 with a market cap of $13.83 billion, up 1.5%
- Analysts believe LINK could reach $43.03 by January 2025, representing a 91% return on capital
- Further predictions suggest that LINK could reach a value of $81.83 by May 2025, potentially offering a 268% ROI
- For sustained bullish momentum, the key resistance at $30 needs to be broken
According to blockchain analytics firm Santiment, large cryptocurrency holders called whales purchased 3.58 million Chainlink (LINK) tokens worth $76.9 million in three days in December 2024. This buying spree occurred during a price correction that saw LINK’s value fall to around $21.50.
The massive accumulation came after Chainlink saw a 27% price drop after being rejected at the $30 price level in mid-December. Despite this setback, whale wallets with 1 to 10 million LINK tokens showed strong buying interest during the decline.
As of December 29, 2024, LINK is trading at $21.68which represents an increase of 1.5% in recent trading. The cryptocurrency currently has a market capitalization of $13.83 billion, making it one of the leading digital assets by market value.
Technical analysis shows that LINK is currently trading below both its 20-day and 200-day moving averages, key indicators that traders use to gauge market momentum. These technical barriers represent hurdles that must be overcome for the price to continue rising.
Market data suggests that breaking these moving averages could potentially result in a 40% profit opportunity as the token attempts to revisit its recent highs. However, the immediate challenge is to maintain support at the $21.50 price level.
Cryptocurrency analyst Javon Marks has identified $47,154 as the next major target level for LINK. This forecast, if achieved, would represent a 111% increase over current prices. Marks points out that exceeding this level could potentially pave the way to even higher valuations.
$LINK (ChainLink) recently showed an extremely positive performance by reaching the $30 mark in a major continuation move and seeing a significant positive increase in volume, but there could be even more upside for prices!
With the target at $47,154 still in play, another +111%… https://t.co/ngIjWZU7JW pic.twitter.com/Mq6aBh0g8h
— JAVON⚡️MARKS (@JavonTM1) December 29, 2024
The short-term outlook of the price analysis platform CoinCodex points to January 2025 as a possible starting point for a bullish recovery. Their analysis predicts a peak price of $43.03 for LINK in January, which would represent a 91% return on investment for current buyers.
Looking further ahead, CoinCodex predicts an average price of $35 for January 2025, representing a more conservative but still optimistic outlook for the asset. This forecast is in line with the general market sentiment, which remains cautiously positive.
May 2025 stands out in the longer-term forecasts as analysts predict that LINK could reach between $37.11 and $81.83 during this period. The high end of this forecast would represent a 268% increase from current price levels.
The $30 price point remains a key resistance that must be overcome for these bullish predictions to become reality. This level has proven to be a strong barrier in past trading and most recently resulted in rejection in mid-December.
Trading volume has increased in tandem with recent price movements, suggesting growing market interest in the asset. This increased activity comes as the broader cryptocurrency market experiences varying levels of volatility.
Recent whale accumulation patterns indicate strong confidence among major holders despite the price correction. These large buyers typically take long-term positions, indicating that they expect prices to rise in the future.
LINK’s price movements are consistent with broader market dynamics in the cryptocurrency sector, although the token has exhibited its own distinct trading patterns. Despite the recent price corrections, the asset recorded a 21.28% increase in the last 30 days.
Current market conditions show that bulls are attempting to defend the $21.50 support level, which has become an important price point for short-term trading activity. The ability to maintain this level can influence short-term price developments.
Whale aggregation data comes from blockchain analysis, which provides transparent insights into the behavior of large holders. This on-chain data helps traders and investors understand market dynamics beyond just price movement.
