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Time to Buy LINK? Chainlink Open Interest Soars to All-Time High

Published by
Chandan Gupta

On December 12, 2024, Chainlink (LINK) seems to be in the eyes of both whales and institutions, leading to a notable price surge in the past 24 hours. According to a whale transaction tracker on X (formerly Twitter), significant accumulation has been reported, ranging from wallet-linked Trump to whales.

During the Asian trading hours, Eyesonchain, a blockchain-based transaction tracker made a post on X that Trump’s World Liberty Financial acquired a significant 41,335 LINK, worth $1 million. This notable purchase was made at an average price of $24.19.

Additionally, another blockchain-based transaction tracker Lookonchain made a post on X that a whale had invested a substantial 1,263 ETH worth $4.95 million to acquire 175,424 LINK tokens at an average price of $28.18 level. 

These two substantial acquisitions in less than 12 hours have gained widespread attention from the crypto community, resulting in a record jump in price and future open interest (OI).

According to the on-chain analytics firm Glassnode, LINK’s price has jumped to its highest level in the past two years, while its future OI has reached an all-time high of $770.27 million.

Current Price Momentum

Currently, LINK is trading near $28.23 and has registered a price surge of over 18.5% in the past 24 hours. During the same period, its trading volume jumped by 65%, indicating heightened participation from traders and investors amid ongoing whales and institutions participation.

According to expert technical analysis, LINK is currently facing strong resistance near $29 and is attempting to breach this level. With significant institutional interest, crypto whales, and trader confidence, there is a strong possibility it could break through this level in the coming days.

Based on the recent price action, if LINK breaches this level and closes a candle above $29.50, there is a strong possibility it could initially soar by 20% to reach the next resistance level of $35, and later surge by 80% to reach the $52.50 level, which is its all-time high.

However, traders and investors need to understand that LINK has significantly stretched on both the weekly and daily time frames. There is also a possibility of a price correction during the upcoming rally, which could provide support for LINK in its bull run.

Chandan Gupta

Chandan Gupta is a crypto analyst and news writer at CoinPedia. He specializes in market analysis using on-chain metrics and industry insights to forecast market trends. With over four years of trading experience, Chandan simplifies complex concepts in technical and on-chain analysis, making them easy to understand. At CoinPedia, he leverages his expertise to identify and present emerging opportunities in the cryptocurrency space

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