Whales Are Officially Flocking into This Altcoin: Will the 17% Rally Continue?

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Altcoins gain strength as 2024 approaches and Chainlink (LINK) continues to make strong moves. In the last 24 hours, the LINK price gained 17% and rose to $17.50.

Additionally, transaction volumes increased by almost 100%, reaching $1.1 billion. In this context, the recent price increase on Chainlink occurred against the backdrop of strong whale activity.

Chainlink Whales Are on a Buying Spree

Last week, LINK price consolidated above the $14 level as LINK whales amassed large supplies. Crypto analyst Ali Martinez reported that there has been a significant development in the Chainlink market. In a single week, Chainlink-associated whales purchased nearly 7 million LINK tokens, raising a staggering $105 million. This significant purchasing activity marks a significant increase in trust in the Chainlink ecosystem.

On the technical chart, LINK also appears to be in a strong reaccumulation zone. If the LINK price remains above $17, it could lead to a rally to $25 by 2024 based on the flag and pole breakout. It is possible to open.

Metrics Show Strength

When on-chain metrics are examined, it can be seen that LINK’s development activity decreased in December. This may be due to the Christmas holidays. However, the cryptocurrency has demonstrated notable activity in terms of social volume and transaction volume during the same period.

Santiment’s data shows a significant increase in active addresses from September to mid-November. It revealed that there was a significant increase, especially at the beginning of December. This increase indicates that network activity and adoption increased during this time period.

Despite these developments, the Network Value to Transaction (NVT) Ratio, a key metric to assess the token’s valuation, has witnessed a decline since September. This decrease in the NVT ratio, which shows the relationship between market cap and on-chain transaction volume, indicates that LINK is potentially undervalued and indicates strong user adoption.

The immediate main resistance for LINK price on the upside is $20. It is a matter of curiosity whether this will happen before 2024.


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