Large Chainlink token holders have accumulated more tokens worth $76.9 million to take advantage of the recent price drop to $21.50, as analysts predict a potential rise to $80 by May 2025.
Looking at on-chain data shows that Chainlink whales purchased 3.58 LINK tokens worth $76.9 million as prices stumbled as the broader market suffered the rout led by the Fed.
Large crypto holders identified as whales bought the dip as the market crashed following Federal Reserve Chairman Jerome Powell’s hawkish remarks hinting at a slower rate cut in 2025. The platform Blockchain analysis firm Santiment attributes the whale activity to the three-day price correction where LINK’s value dropped to $21.50.
Whales buy December dip
The massive accumulation occurred when Chainlink’s price fell 27% after being rejected at the $30 mark in mid-December. Despite the price drop, wallets holding between 1 and 10 million LINK tokens showed strong performance. purchasing interest.
The chart shows that LINK is down 28.7% over the past 14 days to trade at $21.28, translating to a market cap of $13.413 billion. This decline saw Chainlink give up post-election gains, leaving the crypto asset at 15th place with 40% growth over the past year.
Technical analysis shows LINK changing hands below the 20-day and 200-day moving averages. Both metrics allow users to assess market dynamics and indicators of obstacles LINK would need to overcome to regain upward price movement.
Path to $47 and up
Market data shows that breaking above the moving averages has the potential to generate a 40% profit opportunity as LINK attempts to return to higher points. Nonetheless, the immediate hurdle lies in maintaining support above $21.50.
Market analyst Javon Marks offers a bullish projection, identifying $47 as a peak target for LINK in 2025. Reaching this price would imply an upside of over 115% from current prices. The analyst adds that surpassing this level will pave the way for higher valuations.
Start of a bullish recovery?
Price analysis platform CoinCodex reveals that January is the start of LINK’s uptrend in 2025. The analysis indicates that LINK could reach an all-time high price of $43 in January, generating a return on investment (ROI) of 91 % for current buyers.
CoinCodex predicts that LINK will maintain an average price of $35 over the next month, although this is a more conservative prediction for the altcoin. The price level represents an optimistic outlook that still aligns with the cautiously positive sentiment of the broader market.
May of next year is the timeline for longer-term projections, with analysts predicting that LINK could rise into the $37 to $81 price range. The upper range represents a 268% increase from current price levels.
Crucial resistance level
The analysis shows that the $30 price point is the key resistance level that LINK would need to overcome for the above bullish predictions to hold. However, the level has become a significant obstacle in LINK’s past trading with the recent obstacle seen during the rejection in mid-December.
A closer look at the trading volume shows a sustained rise alongside price movements, indicating increased market interest in LINK. Nevertheless, the token remains 59.6% below the all-time high (ATH) of $52.70 reached on May 10, 2021, according to CoinGecko data.
The recent accumulation of whales demonstrates the strong confidence of large holders despite the price correction that has hit the entire market. As these large-scale buyers take long-term positions, LINK’s massive acquisition suggests they anticipate price appreciation in the future.
While LINK’s price action reflects broader market dynamism, the token illustrates distinct trading patterns. Specifically, the asset is still up 14.7% in its 30 days, despite most of the assets already being swallowed up in the bloodbath.
Tracking whale accumulation data through blockchain analytics provides transparent insight into the behavior of large operators and helps investors understand dynamics beyond price actions.
Current market conditions show attempts by the bull to defend $21.50 as an immediate and essential support level for short-term trading to influence near-term price action.
Editorial credit: Dennis Diatel / Shutterstock.com
