Strong

Chainlink

Rekt

<p>Altcoins are once again taking up the lead as we approach 2024, and Chainlink (LINK) continues to make strong moves. In the last 24 hours, the Chainlink (LINK) price has gained by 17% shooting all the way to $17.50.</p> 
<p>The trading volumes have shot up by nearly 100% moving all the way to $1.1 billion. The recent price thrust in Chainlink comes on the backdrop of strong whale activity.</p> 
<h3 id="chainlink-link-whales-on-buying-spree">Chainlink (LINK) Whales on Buying Spree</h3> 
<p>Over the past week, Chainlink whales were scooping up large supplies while the LINK price consolidated above $14 levels. Renowned crypto analyst Ali Martinez has reported a significant development in the Chainlink market. In the span of a single week, whales associated with Chainlink have <a href="https://coingape.com/chainlink-market-cap-soars-143-whale-accumulates-50-mln-link/" target="_blank" rel="noopener">acquired</a> around 7 million LINK tokens, amounting to a staggering $105 million. This substantial buying activity signals a notable surge in confidence among major players in the Chainlink ecosystem.</p> 
<figure id="attachment_171375" aria-describedby="caption-attachment-171375" style="width: 100%" class="wp-caption aligncenter">
 <img decoding="async" class="size-full wp-image-171375" src="https://coingape.com/wp-content/uploads/2023/12/Chainlink-LINK-Whale-Accumulation.jpeg" alt="" width="2858" height="1300" srcset="https://coingape.com/wp-content/uploads/2023/12/Chainlink-LINK-Whale-Accumulation.jpeg 2858w, https://coingape.com/wp-content/uploads/2023/12/Chainlink-LINK-Whale-Accumulation-300x136.jpeg 300w, https://coingape.com/wp-content/uploads/2023/12/Chainlink-LINK-Whale-Accumulation-1224x557.jpeg 1224w, https://coingape.com/wp-content/uploads/2023/12/Chainlink-LINK-Whale-Accumulation-768x349.jpeg 768w, https://coingape.com/wp-content/uploads/2023/12/Chainlink-LINK-Whale-Accumulation-1536x699.jpeg 1536w, https://coingape.com/wp-content/uploads/2023/12/Chainlink-LINK-Whale-Accumulation-2048x932.jpeg 2048w, https://coingape.com/wp-content/uploads/2023/12/Chainlink-LINK-Whale-Accumulation-150x68.jpeg 150w" sizes="(max-width: 2858px) 100vw, 2858px">
 <figcaption id="caption-attachment-171375" class="wp-caption-text">
  Courtesy: <a href="https://twitter.com/ali_charts/status/1740064499615568313" target="_blank" rel="noopener">Ali Charts</a>
 </figcaption>
</figure> 
<p>On the technical chart as well, Chainlink (LINK) seems to be in a strong re-accumulation zone. If the LINK price sustains above $17, it can lead to a further rally all the way to $25 going into 2024, as per the flag-and-pole breakout.</p> 
<blockquote class="twitter-tweet" data-width="550" data-dnt="true"> 
 <p lang="en" dir="ltr"><a href="https://twitter.com/search?q=%24LINK&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$LINK</a></p> 
 <p>What if Chainlink has been a Re-Accumulation range at highs all this time?<a href="https://twitter.com/hashtag/LINK?src=hash&amp;ref_src=twsrc%5Etfw">#LINK</a> <a href="https://twitter.com/hashtag/Crypto?src=hash&amp;ref_src=twsrc%5Etfw">#Crypto</a> <a href="https://twitter.com/hashtag/Chainlink?src=hash&amp;ref_src=twsrc%5Etfw">#Chainlink</a> <a href="https://t.co/9iRb4oxhU1">pic.twitter.com/9iRb4oxhU1</a></p> 
 <p>— Rekt Capital (@rektcapital) <a href="https://twitter.com/rektcapital/status/1740094035212358006?ref_src=twsrc%5Etfw">December 27, 2023</a></p>
</blockquote> 
<p><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></p> 
<h3 id="on-chain-metrics-showing-strength">On-Chain Metrics Showing Strength</h3> 
<p>Upon scrutinizing diverse on-chain metrics, it is evident that Chainlink’s development activity experienced a decline in December, possibly attributed to the festive season. Nevertheless, the cryptocurrency displayed noteworthy activity in terms of social volume and transaction volume during the same period.</p> 
<figure id="attachment_171381" aria-describedby="caption-attachment-171381" style="width: 100%" class="wp-caption aligncenter">
 <img decoding="async" class="size-full wp-image-171381" src="https://coingape.com/wp-content/uploads/2023/12/Chainlink-LINK-Address-Activity.webp" alt="" width="768" height="260" srcset="https://coingape.com/wp-content/uploads/2023/12/Chainlink-LINK-Address-Activity.webp 768w, https://coingape.com/wp-content/uploads/2023/12/Chainlink-LINK-Address-Activity-300x102.webp 300w, https://coingape.com/wp-content/uploads/2023/12/Chainlink-LINK-Address-Activity-150x51.webp 150w" sizes="(max-width: 768px) 100vw, 768px">
 <figcaption id="caption-attachment-171381" class="wp-caption-text">
  Courtesy: Santiment
 </figcaption>
</figure> 
<p>Santiment’s data revealed a notable surge in active addresses from September to mid-November, with a particularly pronounced spike in early December. This surge suggests increased network activity and adoption during this timeframe.</p> 
<p>Notwithstanding these advancements, the Network Value to Transactions (NVT) Ratio, a crucial metric for assessing the token’s valuation, has witnessed a decrease since September. This decline in the NVT ratio, indicating the relationship between market capitalization and on-chain transaction volume, implies a potential undervaluation of LINK and signals robust user adoption.</p> 
<p><img decoding="async" class="aligncenter size-full wp-image-171385" src="https://coingape.com/wp-content/uploads/2023/12/Chainlink-NVT-Ratio.webp" alt="" width="768" height="432" srcset="https://coingape.com/wp-content/uploads/2023/12/Chainlink-NVT-Ratio.webp 768w, https://coingape.com/wp-content/uploads/2023/12/Chainlink-NVT-Ratio-300x169.webp 300w, https://coingape.com/wp-content/uploads/2023/12/Chainlink-NVT-Ratio-678x381.webp 678w, https://coingape.com/wp-content/uploads/2023/12/Chainlink-NVT-Ratio-150x84.webp 150w" sizes="(max-width: 768px) 100vw, 768px"></p> 
<p>The immediate major resistance for the LINK price on the <a href="https://coingape.com/chainlink-link-is-gearing-up-for-the-next-leg-of-bull-run-20/" target="_blank" rel="noopener">upside is $20</a>. It will interesting to see whether this comes before the clock ticks into 2024.</p> 
<p>The post <a href="https://coingape.com/chainlink-link-price-shoots-17-amid-strong-whale-activity/">Chainlink (LINK) Price Shoots 17% Amid Strong Whale Activity</a> appeared first on <a href="https://coingape.com">CoinGape</a>.</p>

Chainlink (LINK) Price Shoots 17% Amid Strong Whale Activity

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