Chainlink (LINK) has experienced a significant surge in its price, which analysts are attributing to the additional acquisition of World Liberty Financial (WLFI) and the rumors of a brewing partnership with Cardano.
Related Reading
Chainlink could be off to a good start as the crypto token was able to pull off a big run that propelled the coin from its lowest level to reach over $26 per coin.
Chainlink 30% Price Surge
Analysts said that Chainlink has successfully positioned itself in the blockchain landscape after breaking the slump that saw the token at its lowest level this year and gaining momentum to surpass its March 2024 high of $22.87
Data showed that the crypto token’s price skyrocketed by 40% to hit $26.85 per coin. The come-from-behind rally also pushed the market capitalization to nearly $17 billion. Meanwhile, LINK was up 30% in the last seven days, data from Coingecko shows.
Market observers noted that LINK’s gains to reach $26.87 have allowed the token to get over the resistance level of $22.87, which some analysts suggested the token could be moving towards a highly bullish condition.
The cup and handle pattern method showed there is a high possibility that Chainlink would reach its target of $37, which an analyst explains,
“The profit target for this pattern is calculated by measuring the depth of the cup and projecting the same distance upward from the breakout point.”
WLFI Acquires More Tokens
One of the reasons seen by crypto analysts that drive Chainlink’s price in an upward direction is the Trump-associated WLFI which bought a significant number of tokens.
According to Nansen, about $4.6 million worth of LINK tokens were acquired by WLFI, bolstering their Chainlink holdings to more than $6.6 million worth of tokens.
Some analysts pointed out the possibility of the US Securities and Exchange Commission (SEC) approving a Chainlink ETF if an application is submitted, noting that Trump’s crypto policy could positively affect these tokens.
Moreover, data showed that WLFI holds $179 million worth of Ethereum tokens together with other assets like USD Coin, Tether, Wrapped Bitcoin, AAVE, Ethena, and Tron. It is estimated that WLFI has a portfolio that exceeds $322 million in value.
Now that we have governance moving along really well, this year I’m going to focus deeply on three big themes for Cardano:
1) Bitcoin DeFi on Cardano (Market is 4 times the size of Ethereum and Solana combined)
2) 24/7 work on scalability, including Leios
3) Making Cardano a…— Charles Hoskinson (@IOHK_Charles) January 18, 2025
Related Reading
Possible Cardano Partnership
Another factor that contributed to Chainlink’s price surge is the rumor that Cardano will have a partnership deal with the token.
No less than the Cardano founder, Charles Hoskinson, hinted that a potential collaboration is underway, saying they are looking to build more partnerships this year.
According to Hoskinson, one of his goals this year is to make Cardano “a peninsula, not an island.”
“Integrations, integrations, integrations. Already got a meeting with Chainlink on the books,” the Cardano founder said in a post.
Featured image from CoinFlip.tech, chart from TradingView
