In a weekend surge that left the crypto community excited, Santiment’s data revealed that Chainlink (LINK) had catapulted above the $12.50 mark for the first time since April 2022. Even more remarkable is the soaring number of wallets now holding a minimum of 1,000 LINK tokens, equating to a value of $12,150 or more, reaching an all-time high of 27,152 wallets.
With the heightened interest in LINK, some notable whales have also entered the scene. Lookonchain reported that a smart money investor scooped up a significant 312,901 LINK tokens, worth around $3.81 million, at an average price of $12.17 over the past 8 hours. Remarkably, this savvy investor has previously traded 10 tokens and amassed a total profit of more than $3.9 million.
This impressive milestone triggered a wave of speculation and predictions from analysts within the crypto space. Rekt Capital, a renowned crypto trader and analyst, noted that Chainlink is now positioned at the Monthly Macro Downtrend, a zone it last visited in early and late 2021.
During those periods, Chainlink managed to break past this Downtrend resistance, which is marked by blue circles. The general sentiment is that Chainlink needs to transform this Downtrend into solid support, and it’s seen as a matter of when not if.
Market Prophit, an authority in ranking financial crypto bloggers based on performance, weighed in on the sentiment around LINK, highlighting a divergent opinion between the crowd sentiment, which is bullish, and the smart money sentiment, which is bearish.
Chainlink Latest Price Analysis
As of the latest data from CoinMarketCap, Chainlink’s current price stands at $11.35, accompanied by a robust 24-hour trading volume of $449 million, marking a 13% increase. Over the past 24 hours, LINK has seen a 1.87% price uptick, and in the seven-day chart, it has surged by an impressive 12%.
At present, Chainlink holds the 12th position on CoinMarketCap’s rankings, boasting a live market capitalization of $6 billion. The circulating supply comprises 556,849,970 LINK coins, with a maximum supply capped at 1,000,000,000 LINK coins.
Despite the prevailing bullish sentiment surrounding Chainlink’s price, analysts caution that a potential breakdown from the current channel could exert pressure on market supply. A potential breakdown from the current channel could elevate market supply pressure and potentially lead to a dip towards the $10.7 mark.
Further downside could see LINK testing the $9.5 mark. Nevertheless, such retracements, if they occur, may ultimately serve as opportunities for buyers to reinvigorate the bullish momentum in the long-term rally.