Chainlink’s (LINK) Spectacular Rally: 65% Surge Envisions Top 10 Crypto Rank by 2023

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  • Chainlink has seen a significant increase in whale transactions in 2023, with high buying pressure on LINK.
  • For LINK to initiate a bull run, it must surpass a key resistance level, amidst bullish market metrics suggesting a potential uptrend.

Whales Driving Chainlink’s Momentum

Chainlink (LINK), a prominent player in the cryptocurrency market, has been showing signs of a potential rally, with its recent performance bringing it closer to the top 10 cryptocurrencies by market capitalization. The question arises: can Chainlink secure a spot in the top 10 before the end of 2023?

A Surge in Whale Transactions

Chainlink’s recent price rally has coincided with a noticeable increase in its popularity among large-scale investors, commonly known as whales. On November 29th, crypto analyst Ali highlighted that Chainlink had experienced its largest spike in whale transactions for the year 2023. Furthermore, data from Santiment indicated significant movements of older coins, a pattern historically followed by notable price movements.

The Path to a Bull Run

Despite a marginal price decline in the last 24 hours, LINK was trading at $14.52 with a market cap of over $8 billion, ranking it as the 12th largest cryptocurrency, according to CoinMarketCap. To initiate a bull run, LINK needs to break through a crucial resistance level at around $15.4. This threshold has been identified as a point where token liquidation increases substantially, and surpassing it could be key to further market cap growth.

Indicators Pointing to a Potential Uptrend

Several market metrics remain bullish for LINK, heightening the prospects of an uptrend. CryptoQuant data shows that LINK’s exchange reserve is low, signaling strong buying activity. This is further supported by a decrease in LINK’s Supply on Exchanges and an increase in its Supply outside of Exchanges. Additionally, data from Coinglass reveals a decline in Chainlink’s Open Interest alongside a sideways price movement, hinting at a high likelihood of a trend reversal.

Evaluating Chainlink’s Market Position

While the supply held by top addresses has remained flat, the combination of increased whale activity, buying pressure, and favorable market metrics suggests that Chainlink could be poised for a significant rally. If these trends continue, LINK might just secure its position among the top 10 cryptocurrencies, marking a notable achievement in its market journey.

In conclusion, Chainlink’s current market dynamics, characterized by heightened whale activity and bullish indicators, paint a promising picture for its potential ascent in the cryptocurrency rankings. As the market awaits further developments, the possibility of Chainlink breaking into the top 10 looms closer, highlighting its growing significance in the crypto landscape.

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