Jump into the latest LINK price analysis; Chainlink is rising despite the crypto bloodbath, as LINK marines have accumulated throughout the last week as they target $20.
Top altcoins and crypto assets are facing rough times. Bitcoin, Ethereum, Solana, and Dogecoin are down double digits from their all-time highs.
However, this doesn’t mean their core functions have failed. If anything, Solana and Ethereum ecosystems continue to offer a platform for launching smart contracts. Users can also still send cash via the Bitcoin network without relying on a third party.
So, with price action poorly reflecting the strength of the crypto ecosystem, let’s dig into everyone’s favorite long-term hold: Chainlink (LINK).
LINK Price Analysis: LINK Marines Doubling Down – Back To $20?
In Chainlink, the platform offers robust middleware that connects isolated networks like Ethereum with real-world data.
After Friday, the crypto world appeared to have ended, only to recover sharply over the weekend.
LINK, BTC, ETH, and others are up from last week’s lows.
However, while prices recovered, something interesting happened in Chainlink.
On-chain data showed that whales are scrambling to buy more LINK (understandably at a discount), pushing their positions higher in the dominance chart.
As of July 8, Chainlink whales have gobbled up over 6.2 million LINK, worth over $76 million, in the past week alone.
The 20% spike from July 5 lows is coinciding with this, completely erasing last week’s losses.
Looking at the daily chart, it is clear that bears are being rejected, and any attempt to lower is being absorbed.
As bulls double down, following whales, the odds of LINK rising above the local resistance levels at $14 and $20 remain high.
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Amid the bear pressure, bulls could take over primarily because of whale involvement.
Historically, prices tend to rise a few days after when there is a spike in whale activity, especially when they buy.
If the drop and instant recovery of last week is anything to go by, and now that losses were contained, there could be more room for growth.
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Potential Catalyst: Chainlink Expands Partnerships
Chainlink’s price action isn’t solely driven by speculation.
The Oracle network provider is solidifying its position as a vital player in crypto through strategic alliances.
In late May, Chainlink joined forces with Circle, the issuer of the world’s second-largest stablecoin USDC, to expand stablecoin utility for institutional use.
The goal of this deal is to unlock new possibilities for enterprise adoption of stablecoins.
If this succeeds, Chainlink will help process even more transactions. The platform has already helped facilitate the processing of over $1.3 trillion across six networks, including Ethereum.
The success in DeFi also allowed Chainlink to pilot a program with the United States Depository Trust and Clearing Corporation (DTCC) in May. The objective of this partnership is to streamline tokenization using Chainlink’s cross-chain interoperability protocol (CCIP).
In early July, Chainlink joined Fidelity International and Sygnum to bring real-time Net Asset Value (NAV) data on-chain. Accordingly, Fidelity’s precious data would be available anytime, regardless of trading hours.
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Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.