Chainlink Price Forms Double Bottom Amid Major Investor Activity
Date: 2024-12-25 Author: Oliver Abernathy Categories: CRYPTO PAYMENTS
The largest oracle provider, Chainlink, has demonstrated the formation of a double bottom pattern, which may indicate an upcoming price recovery. In recent days, there have been signs that major investors have begun to actively accumulate tokens.
According to LookOnChain, nine new wallets have withdrawn 362,380 LINK tokens from Binance in the last two days, worth over $8.19 million. Earlier last week, another investor purchased 65,000 LINK worth $1.8 million.
Additionally, the large LINK purchase comes after the decentralized finance platform World Liberty Financial (WLFI), which is linked to the family of President-elect Donald Trump, purchased 78,300 LINK tokens worth over $1.7 million.
Chainlink remains the largest player among oracles with over $35 billion in total assets backed, significantly exceeding competitors like Chronicle, Pyth, Edge, and Redstone.
The Chainlink ecosystem continues to expand with new networks and projects integrating, most recently with Justin Sun’s Tron network switching from WINKLink to Chainlink. In addition, Chainlink is actively collaborating with leading players in the tokenization of real assets, including Coinbase, Emirates NBD, SWIFT, and UBS.
In addition, the chart shows the formation of a reverse hammer, another indicator of a possible reversal. Thus, in the coming days, the price of LINK is expected to recover, with a potential target at $30, which is about 35% higher than the current price.
