The large Chainlink token holders accumulated more tokens valued at $76.9 million to leverage the recent price slump to $21.50 as analysts predict a potential surge to $80 by May 2025.
Looking into the on-chain data shows Chainlink whales bought 3.58 LINK tokens valued at $76.9 million as prices stumbled as the broader market suffered the Fed-led rout.
The Large crypto holders identified as whales bought the dip as the market tumbled following the hawkish remarks by the Federal Reserve chair Jerome Powell hinting at a slower rate cut in 2025. Blockchain analytics platform Santiment attributes the whale activity to the three-day price correction where the LINK value nosedived to $21.50.
Whales Buy December Dip
The massive accumulation occurred when Chainlink’s price slid 27% after encountering rejection at the $30 milestone in mid-December. Despite the price setback, wallets holding 1M to 10M LINK tokens have portrayed strong buying interest.
The chart shows LINK is 28.7% down in the past 14 days to trade at $21.28, translating to $13.413 billion market capitalization. The drop has seen Chainlink surrender the post-election gains, leaving the 15th-ranked crypto asset with 40% growth in the past year.
The technical analysis shows LINK is changing hands below the 20-day and 200-day moving averages. The two metrics enable users to assess the market momentum and indicators of hurdles LINK should overcome to regain upward price movement.
Path to $47 and Above
Market data shows that breaching the moving averages has the potential to achieve a 40% profit opportunity as LINK attempts to revisit higher points. Nonetheless, the immediate hurdle lies in sustaining support above $21.50.
Market analyst Javon Marks offers a bullish projection, identifying $47 as the peak target for LINK in 2025. Attaining this price would involve over 115% rally from present prices. The analyst adds that surpassing this level will open the path to higher valuations.
Start for Bullish Recovery?
Price analysis platform CoinCodex reveals January as the start of the LINK uptrend in 2025. The analysis indicates LINK could attain a month-high price of $43 in January, yielding a 91% return on investment (ROI) for the current buyers.
CoinCodex predicts LINK will sustain an average price of $35 next month, though a more conservative prediction for the altcoin. The price level is an optimistic outlook that still aligns with the cautiously positive market-wide sentiment.
May next year is the timeline for the longer-term projections, with the analysts projecting LINK could elevate to within the $37 – $81 price range. The upper range represents a 268% surge from present price levels.
Crucial Resistance Level
The analysis shows that the $30 price is the key resistance level that LINK should overcome for the bullish predictions above to hold. However, the level has become a strong barrier in LINK’s past trading with the recent hurdle witnessed in the mid-December rejection.
Further scrutiny of the trading volume shows a sustained uptick alongside price actions, indicating increased market interest in LINK. Nevertheless, the token remains 59.6% below the all-time high (ATH) of $52.70 attained on May 10, 2021, per CoinGecko data.
The recent whale accumulation indicates large holders’ strong confidence despite the price correction that hit the entire market. With these large-scale buyers taking long-term positions, acquiring LINK en-mass suggests they anticipate price appreciation in the future.
While the LINK’s price action mirrors the broader market dynamism, the token illustrates distinct trading patterns. Specifically, the asset is still 14.7% up in its 30-day run despite most assets already engulfed by the bloodbath.
Tracking the whale accumulation data via blockchain analysis offers transparent insight into large-holder behavior and helps investors understand dynamics beyond price actions.
The prevailing market conditions exhibit attempts by the bull to defend the $21.50 as its immediate support level and essential for the short-term trading to influence the near-term price action.
Editorial credit: Dennis Diatel / Shutterstock.com
