Chainlink Price Prediction as LINK Surges 20% to Three-Month High – Are Whales Accumulating?
The altcoin rally is heating up, with blockchaincenter.com’s Altcoin Season Index hitting a new four-month high at 31, and Chainlink (LINK) is leading the charge on Thursday.
LINK surged 20% on Thursday to hit fresh three-month highs to the north of the $8 per token level, at one point even coming close to hitting $8.50.
That means LINK is now trading convincingly to the north of all of its major moving averages.
It also means that LINK has now rallied a stunning 65% from its June sub-$5.0 lows.
LINK is the cryptocurrency that powers Chainlink’s decentralized oracle network that enables smart contracts on various blockchain platforms to connect and interact with real-world data and external APIs.
While increased risk appetite towards altcoins in wake of a US judge’s favorable ruling towards XRP last week is probably the main driver of the LINK rally, positive ecosystem developments that enhance LINK’s utility are also playing a role in the upside.
On Monday, Chainlink’s much anticipated Cross-Chain Interoperability Protocol (CCIP) went live and observers are bullish that it will herald a new era of interoperability in the still highly fragmented web3 world.
The increasingly bullish altcoin market outlook plus positive Chainlink ecosystem developments appear to have encouraged whales to double down on their bullish LINK bets.
At least, that’s according to information presented by popular Twitter account @lookonchain.
As per the on-chain sleuth, five whales have significantly bid up the $LINK price on Thursday in a series of transactions that the Twitter account details here, here and here.
Whales are often considered as “smart money”, and so their increased interest in Chainlink may be a sign that retail is about to pile in,
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