- Smart Money are massively accumulating Chainlink.
LINK has closed above a short-term high but currently correcting.
As a seasoned researcher with over two decades of experience in the financial markets, I have seen trends come and go, but few have captivated me like the recent surge in Chainlink (LINK). The smart money’s massive accumulation of LINK tokens is reminiscent of the dot-com bubble days, where everyone was scrambling to get a piece of the action.
In the cryptocurrency world, Chainlink [LINK] is seeing increased interest among strategic investors, which could lead to an upward trend or surge in its value.
In the final part of the year, the overall market appears to be gaining momentum, with Bitcoin spearheading a generally optimistic outlook. Meanwhile, Chainlink and other DeFi tokens such as Aave [AAVE] and Maker [MKR], have emerged among the most sought-after tokens by major investors.
This week, Chainlink is the third most-held token among savvy investors, indicating a potential for substantial growth over the next few months.
LINK price prediction
Due to increased attention from both large-scale and individual investors, Chainlink’s price trends have been quite encouraging. Lately, the LINK/USDT pair has surpassed the neckline of a double bottom formation, implying a possible change in the upward direction for its price.
Following the market’s dip on August 5th, this pattern emerged as a result. Subsequently, Chainlink stabilized near its support line, later resuming its upward trajectory.
Following another check on this support level, a double bottom pattern was verified, and LINK successfully surpassed its temporary resistance, suggesting a significant change in its underlying structure.
As a crypto investor, I’m navigating through a market corrective phase, where there’s a likelihood we might see a dip towards the trendline before another bullish rally could potentially unfold.
Significant signs such as the Moving Average Convergence Divergence (MACD) are now pointing towards a positive trend, and the appearance of higher buying volumes, as indicated by the histogram bars, bolsters the assumption that Chainlink’s price might climb to $20 in the upcoming period.
The Chaikin Money Flow (CMF) is showing a robust increase in capital inflow, hinting at a solid financial movement. This upward momentum aligns with Smart Money’s buying trend, implying that there’s a possibility of earning around 70% return on investment if LINK manages to reach its $20 goal by year-end.
Network activity
The growing engagement on the Chainlink network adds credence to its optimistic forecast. We’ve seen a surge of 25% in new users, a 59% increase in active users, and a significant 143% rise in accounts without any balance.
It seems that these statistics indicate a rise in trader involvement within the LINK market, mirroring the actions of astute investors. With heightened trading activities and escalating investor enthusiasm, there’s a possibility that the value of LINK may reach the $20 mark.
Holdings distribution
As I delve into the distribution of Chainlink holdings, it’s evident that the token dynamics are quite fluid. Specifically, investors holding between 1 million to 10 million LINK tokens are expanding their portfolios by more than 2%, while those with over 10 million LINK have trimmed their positions by approximately 5%.
Read Chainlink’s [LINK] Price Prediction 2024–2025
The differing spread of supply and demand, coupled with heightened trading transactions, indicates a robust market environment for Chainlink.
The combination of smart investments, favorable technical signs, and increasing network activity indicates that Chainlink might experience an upward price trend. It’s possible this surge could lift the value of LINK to around $20 by the end of this year.
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2024-10-01 11:36