Chainlink crypto price held steady on Monday, even as Bitcoin and most altcoins tumbled. Its performance came as whale activity accelerated and as the LINK Reserve strategy continued.
Summary
- Chainlink price remained in a strong bull run this year.
- Whale investors continued accumulating LINK tokens.
- Technical analysis points to more gains this year.
Chainlink (LINK) price was trading at $25.35, its highest level since January this year. It has jumped by 135% from its lowest point in June 22.
Chainlink crypto price boosted by whale buying
Nansen data shows that some of the biggest and smart money investors were actively accumulating. Whales have increased their holdings by 1.15 million LINK tokens to 5.43 million today. Their total holdings are valued at over $135 million.
The Trump family-linked World Liberty Financial is one of the top LINK holders, with tokens worth close to $1 million in its portfolio.
The ongoing whale accumulation coincided with the ongoing plunge in supply balances. Exchange balances have dropped to 269.56 million, down from 280 million last month. Crashing exchange balances signal that investors are largely not selling their holdings.
Chainlink has some of the best fundamentals in the crypto industry. It is the biggest oracle, connecting off-chain data to on-chain. It powers some of the leading players in crypto like Aave, Compound, Maple, and Spark.
Chainlink has also become the biggest provider of solutions in the real-world asset tokenization industry. Many companies like Swift, ANZ Bank, and JPMorgan are working on products that leverage its cross-chain interoperable protocol.
The rising activity will benefit LINK price by making it highly deflationary. That’s because of the recently announced Strategic LINK Reserve that channels most of its on-chain and off-chain fees in accumulating the token. Its reserves have already jumped to $2.4 million a few weeks after launch.
LINK price technical analysis
The daily timeframe chart shows that the Chainlink price has been in a strong bullish trend in the past few months. It has jumped from $10.90 in June to a high of $26.30, its highest point since January.
Chainlink crypto price has formed a golden cross pattern as the 50-day and 200-day Exponential Moving Averages have crossed each other.
The Relative Strength Index and the Stochastic Oscillator have pointed upward, a sign it is gaining momentum. It has also moved to the third stage of the Elliott Wave pattern.
Therefore, the LINK price will likely continue rising as bulls target the psychological point at $30.
