Whales Drive Chainlink Price Rally: LINK May See Partial Retracement Before $20 Surge
Crypto News – Chainlink (LINK), the oracle service provider, has emerged as a standout performer in the world of altcoins, with gains of nearly 90% in just the past month. Currently trading at around $15, LINK boasts a market capitalization of approximately $7.9 billion.
Accumulation by Chainlink Whales
The 200 largest Chainlink whales have been making significant acquisitions of LINK tokens over the past two days, a trend that reportedly began even before the LINK price rally, which saw a remarkable surge of +125% in just 25 days after October 17th when LINK was trading below $7.40. These large wallet holders accumulated an additional 40.18 million $LINK during this period, and their holdings have remained consistently high, currently stabilizing at around $14.60.
Despite a strong price rally earlier in November, Chainlink has experienced some volatility over the past week, with a 5.09% decrease in LINK’s price over the last 24 hours, currently trading at approximately $14.30.
Prominent crypto analyst Ali Martinez suggests that Chainlink is poised for a breakout from a bullish flag pattern. One possible scenario involves a retest of the breakout zone around $14, potentially paving the way for Chainlink ($LINK) to make a move towards the $20 mark.
In light of recent developments, the crypto rating agency Weiss Crypto has upgraded Chainlink to an “A-” rating. LINK is now one of the few cryptocurrencies, alongside Bitcoin, to receive an “A” range rating from Weiss.
SWIFT Collaborates with Chainlink for Tokenized Value Transfer
SWIFT’s successful collaboration with Chainlink and over 12 major financial institutions has demonstrated efficient and secure tokenized value transfer across both public and private blockchains, facilitated by Chainlink’s Cross-Chain Interoperability Protocol (CCIP). In this partnership, Chainlink acted as an enterprise abstraction layer, securely connecting the SWIFT network to the Ethereum Sepolia network, ensuring complete interoperability between the source and destination blockchains.
This achievement, achieved in conjunction with major financial institutions and market infrastructures, highlights SWIFT’s ability to offer a unified access point to multiple networks, leveraging existing secure infrastructure. This approach significantly reduces operational challenges and the investment required for institutions to participate in the development of tokenized assets. Chainlink recently announced the launch of Staking v2.0.