Chainlink (LINK) has witnessed its market capitalization surge by 14% in just 8 hours. LINK also appears to be decoupling from the altcoin pack and potentially setting the stage for a significant weekend rally.
Whale Accumulation and Social Dominance
According to a recent tweet by Santiment, a leading cryptocurrency analytics platform, the number of Chainlink whales holding 100,000 or more LINK tokens has risen by 4.6% in just 5 weeks. This increase in whale accumulation is a positive sign for the cryptocurrency, as it suggests that large investors are confident in LINK’s long-term prospects and are actively acquiring more tokens.
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However, Santiment also notes that if social dominance surrounding Chainlink calms down and FOMO (fear of missing out) does not take over, the conditions for a bullish rally will be more favorable. Excessive hype and speculation can sometimes lead to unsustainable price increases, followed by sharp corrections.
Chainlink’s Price Performance and Expert Predictions
Chainlink (LINK) is trading at $15.81 at press time, having experienced a 13.20% increase in the past 24 hours. The cryptocurrency’s 24-hour trading range has been between $13.57 and $16.06, indicating strong bullish momentum.
Looking ahead to the weekend, crypto experts at Changelly have analyzed Chainlink’s price fluctuations at the beginning of 2024 and have provided their predictions for the weekend. Also, they expect the average LINK rate to be around $16.44, with a minimum price of $13.87 and a maximum price of $19.01.
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These predictions suggest that Chainlink has the potential to continue its upward trajectory throughout the weekend, possibly even testing the $19 resistance level if the bullish sentiment persists.
The primary reason for the surge is the successful completion of Chainlink and DTCC tests with JPMorgan, Templeton, BNY Mellon, and other major US banks to accelerate the tokenization of funds.
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