Key Takeaways
The whales, those enigmatic creatures of the crypto sea, have been busily amassing a treasure trove of $13 million worth of LINK, while institutions, ever the fickle flirts, have ramped up their adoption. And lo! The technicals have broken a key trendline. A push above $24 could see our friend LINK soaring to $30. 📈🐋
Chainlink [LINK] has enjoyed a 30% surge over the past week, with daily trading volume hitting a staggering $1.35 billion. At the time of writing, LINK was trading near $21, having taken a modest 1% dip from the previous day’s close-though one might argue it was merely taking a polite bow before its grand entrance. 🎩
Indeed, the altcoin may be setting up for what seems like the perfect scenario for a rally. On-chain and macroeconomic data were all in support of the price breakout, though one suspects they were merely following the lead of the whales, who are as mysterious as they are wealthy. 🧠💰
Assessing LINK’s Whale Accumulation
Data from Lookonchain revealed heavy buying activity, backed by CEX outflows and fresh spot purchases. In fact, the largest transaction was a withdrawal worth 510,000 LINK or $11.13 million from Binance to Compound over two days. One might imagine the whales, with their beady eyes and penchant for secrecy, whispering, “This is the one.” 🐋
On top of that, two other whales bought 59,560 LINK and 44,846 LINK, bringing the total inflows to roughly $13 million. This wave of buying came from both new and existing whales, who are as predictable as a drunken penguin on a tightrope. 🐧
Daily Active Addresses also jumped to 9,410 from 5,500 a week ago, according to IntoTheBlock. This can also be seen as a sign of growing retail and whale participation-though one suspects the whales are merely indulging in a game of “who can buy the most LINK without getting dizzy.” 🕵️♂️
Institutions Ramp Up LINK Exposure
Having said that, institutions are also moving in now. Chainlink’s collaborations span global giants like Fidelity, Swift, DTCC, Citi, JPMorgan, and BNP Paribas-positioning it as a core Web3 infrastructure provider. One might say they’ve gone from being the odd one out to the life of the party. 🎉
According to Chainlink’s Zach Rynes, Chainlink Reserve was the answer to how users paid in fiat but tied the economics to its token. A noble endeavor, though one wonders if the token is now more of a sidekick than a hero. 🦸♂️
As a result, the DEX volumes rose since the conversions were done on decentralized exchanges. Figures for the same were as high as $1.298 billion in the last 24 hours-a number that would make even the most stoic of investors exclaim, “By the beard of Wodehouse himself!” 🧔♂️
Chainlink is also a major contender for tokenizing Wall Street, as previously advised by the U.S. Securities and Exchange Commission (SEC). One might say the SEC has finally found its calling: regulating the unregulatable. 🏦
Apart from institutional involvement, where does the price action stand though? Is it on the right track? Well, it’s as if the price is wearing a top hat and monocle, politely inquiring, “Shall we dance?” 🕺
Is the Altcoin Undervalued?
As far as the price charts are concerned, LINK broke out after a double bottom retest at $18-clearing a descending trendline that began last December. It’s as if the chart itself said, “I’m done with this nonsense.” 📉➡️📈
At press time, the price action appeared to be eyeing the $30-level. However, it must first break and hold above $24-though one suspects the price is merely playing hard to get, as all good things do. 🕯️
What about expert projections though? Well, analysts like Posty called LINK “undervalued” and set a bold $100 target. In doing so, Posty claimed that its $15 billion market cap could rise to $100 billion eventually-a figure so lofty, it might as well be in the clouds. 🌥️
Apart from stablecoins, only Bitcoin [BTC], Ethereum [ETH], XRP, and Solana [SOL] have crossed that level so far. One might say they’ve formed an exclusive club, and LINK is now knocking on the door, hoping to be let in. 🚪
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2025-08-12 07:08