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In the latest Chainlink news, LINK Crypto is down -25% from 2024 highs. But will this block buy by this smart whale trigger a LINK price rally to a new all-time high?
Crypto prices are mostly flat at spot rates. After the welcomed leg up from November, many coins have been retracing, with Bitcoin, Chainlink, and other top tokens down by over 20%.
While the correction could be due to profit-taking, optimism is high, and some whales appear confident of what lies ahead.
Crypto Whale Wallet Addresses Are Loading Up on the LINK Dip
Onchain data on January 6 shows that one trader splashed 506 stETH (the staked version of ETH) worth a cool $1.86 million to snag 77,127 LINK
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Price
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Last 7d price movement
at an average price of $24.
A whale spent 506 $stETH worth$1.85M, to purchase 77,127 $LINK at an average price of $24, 6 hours ago.
The whale still holds 44 $stETH ($159K) and 40 $ETH ($147K), which can be further used to buy more $LINK.
0x51b0157907b26005fc7d77669bfee7f0c0784a64 pic.twitter.com/hbf0ecUMGE
— Onchain Lens (@OnchainLens) January 5, 2025
Although the whale still holds over $200,000 worth of stETH and ETH, buying LINK when prices are at a critical support level, around $20, isn’t a mere flutter of interest.
Looking at how whales historically play their crypto chess, the block buy can be interpreted as a bold statement of his faith in LINK’s prospects.
From the daily chart, though LINK is down 25% from the 2024 highs, it has found strong support at $20 after dropping from $30, as recorded in early December 2024.
(LINKUSDT)
The failure of sellers to push lower might suggest that bulls are ready to lift prices, possibly reclaiming the $30 level before pushing to all-time highs of $52 registered in mid-2021.
Chainlink: The Oil In The Crypto Machine
Several factors can help one stay positive despite the high volatility and sideways market conditions in early 2025.
The palpable buzz, especially in Chainlink, could be due to its indispensable role in several crypto sectors, including decentralized finance (DeFi), gaming, real-world asset tokenization, and even powering cross-chain solutions through its Cross-Chain Interoperability Protocol (CCIP) launched last year. The CCIP helps connect different blockchains, allowing for seamless communication.
Being a decentralized and, therefore, secure middleware, all data shows that Chainlink is dominant and thriving, helping in LINK’s possible rally.
Over the past few years, Chainlink, for example, has partnered with tech leaders and integrated Google Cloud.
At the same time, it has taken part in initiatives like Project Guardian with the Monetary Authority of Singapore. In a November 12, 2024 statement, Chainlink said the objective was to keep financial transactions confident even when moved over the CCIP.
Additionally, Chainlink is proving to be an arena for top players. By helping blend old money with new tech via DeFi, LINK, the utility token of the Chainlink ecosystem, gets a credibility boost and the much-needed runway for takeoff above $30 and $52.
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Is LINK Price Ready For $52?
In early December, the World Liberty Financial (WFI), the DeFi project run by Donald Trump’s family, bought LINK, among other tokens, looking at on-chain data.
U.S. President-elect Donald Trump's World Liberty Financial (@worldlibertyfi) has spent $12M on $ETH, $AAVE, and $LINK in the past 10 hours, including:
• 2,631 $ETH ($10M) at ~$3,801
• 3,357 $AAVE ($1M) at ~$297.8
• 41,335 $LINK ($1M) at ~$24.19This is the fund's first… pic.twitter.com/izCy3nLGjR
— Spot On Chain (@spotonchain) December 12, 2024
The fact that WFI chose to add LINK among its first holdings cements confidence that the token is the dark horse that could gallop to fresh highs in 2024.
Whether the token rallies or dumps depends on how it reacts at the key support at $20.
If bulls find strength, a close above $30 in the coming days or weeks could be the prelude for the much-anticipated rally that may see LINK bulls push prices to 2021 highs.
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The post Smart Whale Buys Over $1.8 Million Of Chainlink (LINK): Up Next $52? appeared first on 99Bitcoins.
