On-chain data shows whale investors, with a balance of between 100K and 1M coins, purchased 1.35 million LINK tokens in the past 24 hours.
As Bitcoin price BTC $80 258 24h volatility: 3.3% Market cap: $1.60 T Vol. 24h: $61.33 B attempts to rebound above the crucial support range between $95K and $97K, Chainlink price LINK $9.95 24h volatility: 7.7% Market cap: $7.04 B Vol. 24h: $565.42 M has signaled the return of bullish sentiment. The large-cap altcoin, with a fully diluted valuation of about $20.7 billion and a 24-hour average trading volume of around $662 million, surged over 6 percent in the past 24 hours to trade about $20.72 on Wednesday, January 15, during the mid-London session.
After reaching a multi-year high of about $30 in December, LINK price has been trapped in a mid-term correction, characterized by a falling wedge. However, the LINK price rebounded from a crucial support level of around $19 after retesting the 50-day Moving Average (MA).
In the weekly time frame, if the LINK price consistently closes above the resistance level of around $30, the bullish momentum will be confirmed and the next target will be retesting the all-time high of about $52.
Moreover, the LINK/BTC pair has been forming a macro reversal pattern amid the ongoing crypto cash rotation to the altcoin industry. Additionally, Bitcoin’s dominance has been signaling a trend change after rising for the past two years.
Robust Fundamentals for Chainlink (LINK) Ecosystem Attract Whale Investors
The Chainlink network has grown to a vital lifeline of a secure and scalable Web3 and digital assets adoption. The Chainlink developers have built the infrastructure to enable a reliable standard for on-chain finance.
Top-tier Web3 institutions and traditional financial institutions seeking to venture into the blockchain ecosystem have all partnered with Chainlink. For instance, Ripple Labs adopted the Chainlink Standard to ensure a seamless adoption of the Ripple USD (RLUSD).
Some of the financial institutions already tapping into the Chainlink Standard to enable reliable tokenization include BNY Mellon, JPMorgan, State Street, and US Bank, among others.
In the latest adoption, the Chainlink Standard welcomed lending protocol TheStandard.io, BTguru, and Cyclex, among others.
In a bid to empower web3 developers, the Chainlink team announced the Chainlink CCIP v1.5 upgrade is now live on the mainnet. The Chainlink CCIP v1.5 will enable developers to take their tokens cross-chain in a self-serve manner.
Furthermore, the Cross-Chain Tokens (CCTs) enable the transfer of tokens across more than 20 blockchains in minutes.
Following the notable development of the Chainlink network and mainstream adoption by dozens of financial institutions, whale investors have shown confidence in the long-term success of LINK. According to market data provided by Santiment, Chainlink whales, with a balance of between 100k and 1 million coins, added 1.35 million LINK coins in the past 24 hours.
As a result, Chainlink whales now hold about 146.7 million LINK coins, worth around $3 billion at the time of this writing.
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