{"id":543482,"date":"2023-07-20T12:00:16","date_gmt":"2023-07-20T12:00:16","guid":{"rendered":"https:\/\/uniquehot.com\/?p=543482"},"modified":"2023-07-20T11:44:31","modified_gmt":"2023-07-20T11:44:31","slug":"chainlink-link-bulls-reclaim-dominance-with-16-rally-heres-why","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/news\/chainlink\/chainlink-link-bulls-reclaim-dominance-with-16-rally-heres-why\/","title":{"rendered":"Chainlink (LINK) Bulls Reclaim Dominance With 16% Rally, Here&#8217;s Why"},"content":{"rendered":"<p><span style=\"font-weight: 400\">Chainlink (LINK) is currently on an uptrend, with the bulls showing much dominance in today\u2019s market. According to <a href=\"https:\/\/coinmarketcap.com\/currencies\/chainlink\/\" target=\"_blank\" rel=\"noopener nofollow\">data from CoinMarketCap<\/a>, LINK is up by 16.94% in the last 24 hours, emerging as one of the biggest daily gainers in the crypto market.<\/span><\/p>\n<h2><span style=\"font-weight: 400\">What&#8217;s Driving LINK\u2019s Price Today?<\/span><\/h2>\n<p><span style=\"font-weight: 400\">According to the on-chain analytics platform Lookonchain, LINK\u2019s price gain appears to have been triggered by some recent whale activity.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">Lookonchain reports that two whale addresses, \u201c0xc212\u201d and \u201c0x86bd,&#8221; which they suspect belong to the same person, purchased $6 million worth of LINK in the early hours of Thursday.<\/span><\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">2 whales (probably the same person) bought a total of 788,877 <a href=\"https:\/\/twitter.com\/search?q=%24LINK&amp;src=ctag&amp;ref_src=twsrc%5Etfw\" rel=\"nofollow\">$LINK<\/a> ($6 million) for $7.62 just now.<\/p>\n<p>The whale swapped all 3,074 <a href=\"https:\/\/twitter.com\/search?q=%24stETH&amp;src=ctag&amp;ref_src=twsrc%5Etfw\" rel=\"nofollow\">$stETH<\/a> ($5.87M) and 71 <a href=\"https:\/\/twitter.com\/search?q=%24ETH&amp;src=ctag&amp;ref_src=twsrc%5Etfw\" rel=\"nofollow\">$ETH<\/a> ($136K) for 788,877 <a href=\"https:\/\/twitter.com\/search?q=%24LINK&amp;src=ctag&amp;ref_src=twsrc%5Etfw\" rel=\"nofollow\">$LINK<\/a>.<\/p>\n<p>This purchase increased the price of <a href=\"https:\/\/twitter.com\/search?q=%24LINK&amp;src=ctag&amp;ref_src=twsrc%5Etfw\" rel=\"nofollow\">$LINK<\/a> by 6.5%. <a href=\"https:\/\/t.co\/ajLBP8Vesz\" rel=\"nofollow\">pic.twitter.com\/ajLBP8Vesz<\/a><\/p>\n<p>&mdash; Lookonchain (@lookonchain) <a href=\"https:\/\/twitter.com\/lookonchain\/status\/80820736?ref_src=twsrc%5Etfw\" rel=\"nofollow\">July 20, 2023<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>&nbsp;<\/p>\n<p><span style=\"font-weight: 400\">The transaction was made by both whale addresses swapping a total of 3,074 stETH, valued at $5.87 million, and 71 ETH, valued at $136,000, for 788,877 LINK tokens.<br \/>\n<\/span><\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/uniquehot.com\/news\/solana-sol-smashes-previous-high\/?swcfpc=1\" target=\"_blank\" rel=\"noopener \">Solana (SOL) Continues To Shine With Over 20% Surge \u2013 What\u2019s Next?<\/a><\/div>\n<p><span style=\"font-weight: 400\">Lookonchain noted that this whale movement immediately boosted LINK\u2019s price by 6.5%, and the token appears to have been on an uptrend since then.<\/span><\/p>\n<p><span style=\"font-weight: 400\">Interestingly, Lookonchain has also reported two more whale transactions on the Chainlink network in the last hour.\u00a0 <\/span><span style=\"font-weight: 400\">The analytics platform notes that the whales with the wallet address \u201c0x0fAC\u201d and \u201c0x67c8\u201d have just purchased a total of 227,281 LINK tokens valued at $1.82 million.<\/span><\/p>\n<blockquote class=\"twitter-tweet\">\n<p dir=\"ltr\" lang=\"en\">2 more whales also bought a total of 227,281 <a href=\"https:\/\/twitter.com\/search?q=%24LINK&amp;src=ctag&amp;ref_src=twsrc%5Etfw\" rel=\"nofollow\">$LINK<\/a> ($1.82M) in the past hour.<\/p>\n<p>Whale&#8221;0x0fAC&#8221; swapped 500 <a href=\"https:\/\/twitter.com\/search?q=%24rETH&amp;src=ctag&amp;ref_src=twsrc%5Etfw\" rel=\"nofollow\">$rETH<\/a> ($1.03M) and 151.6 <a href=\"https:\/\/twitter.com\/search?q=%24stETH&amp;src=ctag&amp;ref_src=twsrc%5Etfw\" rel=\"nofollow\">$stETH<\/a> ($290K) for 161,558 <a href=\"https:\/\/twitter.com\/search?q=%24LINK&amp;src=ctag&amp;ref_src=twsrc%5Etfw\" rel=\"nofollow\">$LINK<\/a> just now.<\/p>\n<p>Whale&#8221;0x67c8&#8243; borrowed 500K <a href=\"https:\/\/twitter.com\/search?q=%24USDC&amp;src=ctag&amp;ref_src=twsrc%5Etfw\" rel=\"nofollow\">$USDC<\/a> from#Aave and bought 65,723 <a href=\"https:\/\/twitter.com\/search?q=%24LINK&amp;src=ctag&amp;ref_src=twsrc%5Etfw\" rel=\"nofollow\">$LINK<\/a> 1 hour ago.<a href=\"https:\/\/t.co\/pRCcK2tQAa\" rel=\"nofollow\">https:\/\/t.co\/pRCcK2tQAa<\/a> <a href=\"https:\/\/t.co\/fyK3U6pH9U\" rel=\"nofollow\">pic.twitter.com\/fyK3U6pH9U<\/a><\/p>\n<p>\u2014 Lookonchain (@lookonchain) <a href=\"https:\/\/twitter.com\/lookonchain\/status\/99336960?ref_src=twsrc%5Etfw\" rel=\"nofollow\">July 20, 2023<\/a><\/p><\/blockquote>\n<p><span style=\"font-weight: 400\">For now, there is no clear motive behind these whale transactions. However, LINK investors are advised to monitor the next move of these whales due to the possible effects on the market.<\/span><\/p>\n<p><span style=\"font-weight: 400\">Chainlink has been one of the major blockchain projects in the news this week following the launch of its Cross-Chain Interoperability Protocol (CCIP) on July 17.\u00a0\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">According to a <a href=\"https:\/\/blog.chain.link\/ccip-mainnet-early-access\/\" target=\"_blank\" rel=\"noopener nofollow\">blog post<\/a> by the project&#8217;s management team, the CCIP protocol is expected to be accessible to developers on various testnets starting from July 20.\u00a0<\/span><span style=\"font-weight: 400\">These testnets include Arbitrim Goerli, Avalanche Fuji, Ethereum Sepolia, Optimism Goerli, and Polygon Mumbai.<\/span><\/p>\n<h2><span style=\"font-weight: 400\">LINK Price Analysis And Prediction<\/span><\/h2>\n<p><span style=\"font-weight: 400\">Analyzing the daily LINK chart, the Relative Strength Index shows the token has entered the overbought zone and is likely to reverse soon.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">This prediction is further backed by the token\u2019s price movement, which shows that LINK is approaching a significant resistance at the $9.1 zone, which has not been broken in the last 14 months.<\/span><\/p>\n<p>Related Reading: <a href=\"https:\/\/uniquehot.com\/altcoin\/chainlink-ccip-goes-live-on-mainnet-link-jumps-by-nearly-10\/?swcfpc=1\" target=\"_blank\" rel=\"noopener \">Chainlink CCIP Goes Live On Mainnet, LINK Jumps By Nearly 10%<\/a><\/p>\n<p><span style=\"font-weight: 400\">If the resistance level holds strong again, LINK is likely to decline, retesting at the $5.3 price zone, which has also served as a strong support level since last year.<\/span><\/p>\n<p style=\"text-align: left\"><span style=\"font-weight: 400\">At the time of writing, LINK is trading at $8.02, with a 1.67% increase in the last hour. The token\u2019s daily trading volume is also up by 62.19% and is sitting at $497.4 million. With a market cap of $4.3 billion, LINK ranks as the 21st-largest cryptocurrency.\u00a0<\/span><\/p>\n<pre style=\"text-align: center\"><span style=\"font-weight: 400\"><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-large\" src=\"https:\/\/www.tradingview.com\/x\/ZEg8ryrf\/\" alt=\"LINK\" width=\"1480\" height=\"913\">LINK Trading At $8.058 On The Daily Chart | Source: <a href=\"https:\/\/www.tradingview.com\/chart\/xg17RJqK\/\" target=\"_blank\" rel=\"noopener nofollow\">LINKUSD Chart On Tradingview.com<\/a><\/span><\/pre>\n<div class=\"disclaimer-shortcode\">Featured Image From Chainlink, Chart From Tradingview<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Chainlink (LINK) is currently on an uptrend, with the bulls showing much dominance in today\u2019s market. According to data from CoinMarketCap, LINK is up by 16.94% in the last 24 hours, emerging as one of the biggest daily gainers in the crypto market. What&#8217;s Driving LINK\u2019s Price Today? According to the on-chain analytics platform Lookonchain, LINK\u2019s price gain appears to have been triggered by some recent whale activity.\u00a0 Lookonchain reports that two whale addresses, \u201c0xc212\u201d and \u201c0x86bd,&#8221; which they suspect belong to the same person, purchased $6 million worth of LINK in the early hours of Thursday. 2 whales (probably the same person) bought a total of 788,877 $LINK ($6 million) for $7.62 just now. The whale swapped all 3,074 $stETH ($5.87M) and 71 $ETH ($136K) for 788,877 $LINK. This purchase increased the price of $LINK by 6.5%. pic.twitter.com\/ajLBP8Vesz &mdash; Lookonchain (@lookonchain) July 20, 2023 &nbsp; The transaction was made by both whale addresses swapping a total of 3,074 stETH, valued at $5.87 million, and 71 ETH, valued at $136,000, for 788,877 LINK tokens. Related Reading: Solana (SOL) Continues To Shine With Over 20% Surge \u2013 What\u2019s Next? Lookonchain noted that this whale movement immediately boosted LINK\u2019s price by 6.5%, and the token appears to have been on an uptrend since then. Interestingly, Lookonchain has also reported two more whale transactions on the Chainlink network in the last hour.\u00a0 The analytics platform notes that the whales with the wallet address \u201c0x0fAC\u201d and \u201c0x67c8\u201d have just purchased a total of 227,281 LINK tokens valued at $1.82 million. 2 more whales also bought a total of 227,281 $LINK ($1.82M) in the past hour. Whale&#8221;0x0fAC&#8221; swapped 500 $rETH ($1.03M) and 151.6 $stETH ($290K) for 161,558 $LINK just now. Whale&#8221;0x67c8&#8243; borrowed 500K $USDC from#Aave and bought 65,723 $LINK 1 hour ago.https:\/\/t.co\/pRCcK2tQAa pic.twitter.com\/fyK3U6pH9U \u2014 Lookonchain (@lookonchain) July 20, 2023 For now, there is no clear motive behind these whale transactions. However, LINK investors are advised to monitor the next move of these whales due to the possible effects on the market. Chainlink has been one of the major blockchain projects in the news this week following the launch of its Cross-Chain Interoperability Protocol (CCIP) on July 17.\u00a0\u00a0 According to a blog post by the project&#8217;s management team, the CCIP protocol is expected to be accessible to developers on various testnets starting from July 20.\u00a0These testnets include Arbitrim Goerli, Avalanche Fuji, Ethereum Sepolia, Optimism Goerli, and Polygon Mumbai. LINK Price Analysis And Prediction Analyzing the daily LINK chart, the Relative Strength Index shows the token has entered the overbought zone and is likely to reverse soon.\u00a0 This prediction is further backed by the token\u2019s price movement, which shows that LINK is approaching a significant resistance at the $9.1 zone, which has not been broken in the last 14 months. Related Reading: Chainlink CCIP Goes Live On Mainnet, LINK Jumps By Nearly 10% If the resistance level holds strong again, LINK is likely to decline, retesting at the $5.3 price zone, which has also served as a strong support level since last year. At the time of writing, LINK is trading at $8.02, with a 1.67% increase in the last hour. The token\u2019s daily trading volume is also up by 62.19% and is sitting at $497.4 million. With a market cap of $4.3 billion, LINK ranks as the 21st-largest cryptocurrency.\u00a0 LINK Trading At $8.058 On The Daily Chart | Source: LINKUSD Chart On Tradingview.com Featured Image From Chainlink, Chart From Tradingview<\/p>\n","protected":false},"author":581,"featured_media":543493,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[83381],"tags":[88484,16295,16097,88662],"class_list":["post-543482","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-chainlink","tag-ccip","tag-chainlink","tag-link","tag-whale-actvity"],"acf":[],"yoast_head":"\n<title>Chainlink (LINK) Bulls Reclaim Dominance With 16% Rally, Here&#039;s Why<\/title>\n<meta name=\"description\" content=\"Chainlink (LINK) is up by 16.94% in the last 24 hours with the bulls showing much dominance in today&#039;s market.\" 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