{"id":27057,"date":"2023-07-20T12:52:37","date_gmt":"2023-07-20T16:52:37","guid":{"rendered":"http:\/\/cryptocornercafe.com\/cafe\/?p=27057"},"modified":"2023-07-20T12:52:37","modified_gmt":"2023-07-20T16:52:37","slug":"chainlink-link-bulls-reclaim-dominance-with-16-rally-heres-why","status":"publish","type":"post","link":"http:\/\/cryptocornercafe.com\/cafe\/2023\/07\/20\/chainlink-link-bulls-reclaim-dominance-with-16-rally-heres-why\/","title":{"rendered":"Chainlink (LINK) Bulls Reclaim Dominance With 16% Rally, Here\u2019s Why"},"content":{"rendered":"

Chainlink (LINK) is currently on an uptrend, with the bulls showing much dominance in today\u2019s market. According to 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.<\/p>\n

What\u2019s Driving LINK\u2019s Price Today?<\/h2>\n

According to the on-chain analytics platform Lookonchain, LINK\u2019s price gain appears to have been triggered by some recent whale activity.\u00a0<\/p>\n

Lookonchain reports that two whale addresses, \u201c0xc212\u201d and \u201c0x86bd,\u201d which they suspect belong to the same person, purchased $6 million worth of LINK in the early hours of Thursday.<\/p>\n

2 whales (probably the same person) bought a total of 788,877 $LINK<\/a> ($6 million) for $7.62 just now.<\/p>\n

The whale swapped all 3,074 $stETH<\/a> ($5.87M) and 71 $ETH<\/a> ($136K) for 788,877 $LINK<\/a>.<\/p>\n

This purchase increased the price of $LINK<\/a> by 6.5%. pic.twitter.com\/ajLBP8Vesz<\/a><\/p>\n

\u2014 Lookonchain (@lookonchain) July 20, 2023<\/a><\/p>\n\n

\u00a0<\/p>\n

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.\n<\/p>\n

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.<\/p>\n

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.<\/p>\n

2 more whales also bought a total of 227,281 $LINK<\/a> ($1.82M) in the past hour.<\/p>\n

Whale\u201d0x0fAC\u201d swapped 500 $rETH<\/a> ($1.03M) and 151.6 $stETH<\/a> ($290K) for 161,558 $LINK<\/a> just now.<\/p>\n

Whale\u201d0x67c8\u2033 borrowed 500K $USDC<\/a> from#Aave and bought 65,723 $LINK<\/a> 1 hour ago.https:\/\/t.co\/pRCcK2tQAa<\/a> pic.twitter.com\/fyK3U6pH9U<\/a><\/p>\n

\u2014 Lookonchain (@lookonchain) July 20, 2023<\/a><\/p>\n

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.<\/p>\n

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<\/p>\n

According to a blog post<\/a> by the project\u2019s 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.<\/p>\n

LINK Price Analysis And Prediction<\/h2>\n

Analyzing the daily LINK chart, the Relative Strength Index shows the token has entered the overbought zone and is likely to reverse soon.\u00a0<\/p>\n

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.<\/p>\n

Related Reading: Chainlink CCIP Goes Live On Mainnet, LINK Jumps By Nearly 10%<\/a><\/p>\n

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.<\/p>\n

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<\/p>","protected":false},"excerpt":{"rendered":"

<\/p>\n

Chainlink (LINK) is currently on an uptrend, with the bulls showing much dominance in today\u2019s market. According to 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.<\/p>\n

What\u2019s Driving LINK\u2019s Price Today?<\/h2>\n

According to the on-chain analytics platform Lookonchain, LINK\u2019s price gain appears to have been triggered by some recent whale activity.\u00a0<\/p>\n

Lookonchain reports that two whale addresses, \u201c0xc212\u201d and \u201c0x86bd,\u201d which they suspect belong to the same person, purchased $6 million worth of LINK in the early hours of Thursday.<\/p>\n

2 whales (probably the same person) bought a total of 788,877 $LINK<\/a> ($6 million) for $7.62 just now.<\/p>\n

The whale swapped all 3,074 $stETH<\/a> ($5.87M) and 71 $ETH<\/a> ($136K) for 788,877 $LINK<\/a>.<\/p>\n

This purchase increased the price of $LINK<\/a> by 6.5%. pic.twitter.com\/ajLBP8Vesz<\/a><\/p>\n

\u2014 Lookonchain (@lookonchain) July 20, 2023<\/a><\/p>\n

\u00a0<\/p>\n

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.\n<\/p>\n

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.<\/p>\n

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.<\/p>\n

2 more whales also bought a total of 227,281 $LINK<\/a> ($1.82M) in the past hour.<\/p>\n

Whale\u201d0x0fAC\u201d swapped 500 $rETH<\/a> ($1.03M) and 151.6 $stETH<\/a> ($290K) for 161,558 $LINK<\/a> just now.<\/p>\n

Whale\u201d0x67c8\u2033 borrowed 500K $USDC<\/a> from#Aave and bought 65,723 $LINK<\/a> 1 hour ago.https:\/\/t.co\/pRCcK2tQAa<\/a> pic.twitter.com\/fyK3U6pH9U<\/a><\/p>\n

\u2014 Lookonchain (@lookonchain) July 20, 2023<\/a><\/p>\n

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.<\/p>\n

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<\/p>\n

According to a blog post<\/a> by the project\u2019s 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.<\/p>\n

LINK Price Analysis And Prediction<\/h2>\n

Analyzing the daily LINK chart, the Relative Strength Index shows the token has entered the overbought zone and is likely to reverse soon.\u00a0<\/p>\n

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.<\/p>\n

Related Reading: Chainlink CCIP Goes Live On Mainnet, LINK Jumps By Nearly 10%<\/a><\/p>\n

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.<\/p>\n

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<\/p>\n

<\/p>\n","protected":false},"author":0,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"colormag_page_layout":"default_layout","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[82],"tags":[],"class_list":["post-27057","post","type-post","status-publish","format-standard","hentry","category-blockchain"],"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/27057","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/comments?post=27057"}],"version-history":[{"count":0,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/27057\/revisions"}],"wp:attachment":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/media?parent=27057"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/categories?post=27057"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/tags?post=27057"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}