Top Reasons Why Chainlink Price Exploded 15% in 24 Hours

Chainlink (LINK), a leading oracle blockchain with multichain capabilities, has continued to attract significant attention from institutional investors and retail traders. With a staggering fully diluted valuation of around $16 billion, this mid-cap altcoin recently surged by over 15 percent within 24 hours, hitting approximately $16.04 during Friday’s early London session.

The Chainlink rise was decoupled from the rest of the altcoin industry, which has continued to consolidate despite the recent Bitcoin pump. 

So… what’s Chainlink’s secret sauce for success?

Chainlink Whales Are Making Moves!

As the altcoin market braces for a potential rally, cryptocurrency whales have been reshaping their portfolios to capitalize on anticipated gains. Additionally, signs of Bitcoin dominance nearing its peak have emerged, evidenced by a bearish divergence spotted on the weekly Relative Strength Index (RSI).

Insights from on-chain data, courtesy of market intelligence platform Santiment, indicate a notable uptick in Chainlink addresses holding more than 100k LINK units. Over the past five weeks, this cohort has expanded by 4.6 percent, now totaling 564—a clear indicator of growing confidence in the Chainlink ecosystem.

Hitting Milestone After Milestone!

The Chainlink network has firmly established itself as a trusted, scalable multichain oracle provider, playing a crucial role in the web3 ecosystem. A significant milestone in this journey occurred with the successful completion of a pilot project called Smart NAV, conducted in partnership with the Depository Trust and Clearing Corporation (DTCC).

Notably, the DTCC and Chainlink pilot project involved several prominent US banking entities, including BNY Mellon, Edward Jones, Franklin Templeton, Invesco, JPMorgan, and MFS Investment Management.

This collaborative effort underscores the industry-wide recognition of Chainlink’s pivotal role in transforming financial infrastructure.

Forging a Path to New Heights

From a technical standpoint, LINK’s trajectory against the US dollar is poised to retest its all-time high (ATH) in the near future. Analysis of the weekly time chart reveals a strong rebound of LINK’s price from the 50-week Moving Average (MA), accompanied by a bullish surge above the 50 RSI threshold.

Should LINK’s price consistently surpass the recent high of approximately $22, the altcoin is primed to target $39.5—a significant milestone aligned with the weekly Fibonacci Extension.

Is Chainlink the missing puzzle piece for the next crypto bull run? Stay tuned to find out!