The price of Chainlink explained more than 50% in the last week of continuous whale accumulation and growing acceptance of its ecosystem by more institutions.
Summary
- Link has risen more than 50% this week and has reached a highlight of $ 24.28 today.
- Chainlink recently entered into a partnership with Intercontinental Exchange to provide Onchain price data for FX and precious metals.
According to data from crypto.news, Chainlink (link) rose to a highest point of 7 months of $ 24.28 on Wednesday 13 August, morning Asian time. The recent increase brought his weekly profit to more than 50% and 123% from the lowest point this year, while he brought his market capitalization to more than $ 16.4 billion.
Buy whales a link
Connection strong profits are linked to several catalysts, including continuing interest of whales this week.
Data from Nansen shows that the balance of Linktokens held by Walvisportfeuilles has increased by 8.5% for the past 7 days. These addresses now contain 4.65 million tokens, an increase of 4.29 million registered on 6 August and considerably higher than 3.42 million this year this year.
Whale accumulation is usually seen as a bullish signal from retail investors, who often follow these deep investors when building their portfolios. Such purchases can lead to further appreciation of the price of the active, especially if it is accompanied by a strong market sentiment and positive fundamental developments.
Such a development is the growing acceptance of Chainlink’s Cross-Chain Interoperability Protocol (CCIP) due to large financial institutions. An official blog after From Chainlink it revealed that the protocol was integrated with Swift, the International Bank Messaging Network that is used by more than 11,500 institutions to connect banks directly to Blockchains.
This integration enables financial institutions to communicate with both public and private block chains using their existing Swift infrastructure and messaging standards, which means that interoperability and settlement processes are streamlined.
The test contained more than a dozen leading settings, including Euroclear, Clearstream, Anz, Citi, Bny Mellon, BNP Paribas, Lloyds Banking Group and Six Digital Exchange (SDX).
A more recent development is that Chainlink bundled the forces with Intercontinental Exchange, the parent company of the New York Stock Exchange, to deliver real-time unchain prices for foreign exchange and precious metals.
Link price analysis
On the weekly graph, Link has formed a rising wig pattern of several months. This structure consists of two diverse trend lines that run upwards, which indicates an increasing price limitation over time.
More recently, Link has attached a double bottom formation. The two soils were founded at $ 10.9, with the neckline positioned at $ 18. An outbreak above this neckline has historically indicated a bullish reversal, which suggests that the potential for further upward momentum.
The 50-day advancing average is currently above the progressive average of 200 days, which indicates a Bullish trend bias in the medium to long term.
An increasing Brederwedge is generally seen as a bearish setup linked to distribution phases, but the price from link goes to the upper trend line near $ 40, about 65% above the current level.
Some analysts see the potential for a movement to $ 46 in the coming weeks, as a heavy trading activity and increased demand continuing to support the rally. See below:
Publication: This article does not represent investment advice. The content and materials on this page are only for educational purposes.
