Over the previous week, large Chainlink holders procured about 7 million LINK, totalling a value exceeding $105 million.

Based on data from ali_charts, whales initiated buying activity for LINK last week. In the past 24 hours, the cryptocurrency’s value surged from $12 to $17.46, marking an increase of approximately 12%. At the time of writing, LINK is valued at $17.05. 

The trading volume has increased by 154% in the past 24 hours.

According to Glassnode, the number of active addresses increased from 3,261 to 4,528. Simultaneously, the number of new users increased from 1,013 to 1,463. The total number of addresses grew from 2,897,629 to 2,912,244 during the same period.

The number of active Chainlink addresses from Dec. 16 through Dec. 28. Source: Glassnode.

LINK price prediction in 2024

Crypto trader Rekt Capital acknowledges the potential that LINK might have entered the re-accumulation phase. Satoshi Flipper, a trader boasting over 170 thousand followers on X, expresses optimism about the cryptocurrency’s growth in 2024. He suggests that an entry point with a price around $20 could be opportune. Kyle Chassé also points out the possibility of a vertical trajectory aligning on the LINK chart.

In Nov., the Grayscale Chainlink Trust (GLNK) price went up by a significant 200% compared to its Net Asset Value. This could be due to increased interest from institutional investors since GLNK is one of the crypto options they can invest in. At the time of writing,  the asset is valued at $68.

Chainlink functions as a decentralized network of oracles, validating and furnishing data from external sources for smart contracts on the blockchain. Recognized as one of the leading providers of decentralized oracles in the cryptocurrency industry, the company’s technology is in high demand, particularly in the decentralized financial sector.

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