In the latest cryptocurrency market developments, Chainlink’s native cryptocurrency, LINK, has soared to a two-year peak, hitting the $20 milestone. This significant price surge comes at a time when the broader crypto market pauses from its recent upward trajectory. Notably, the increase in LINK’s value coincides with considerable acquisition of the token by large-scale investors, colloquially known as “whales.”
LINK’s Surge Attracts Attention
Surpassing its previous peak since January 2022, LINK achieved an intraday high of $20.69 on Monday morning before retreating slightly. This remarkable ascent positions LINK among the top-performing digital assets, with a gain exceeding 40% in the past month. Blockchain analytics firm Lookonchain highlighted a whale’s substantial acquisition of approximately 5.6 million LINK, valued around $112 million, from Binance across 55 addresses over six days. This activity has spurred optimism on social media platforms, with influencers and investors sharing bullish sentiments regarding Chainlink.
Analysts Predict Further Growth for LINK
Prominent figures in the cryptocurrency community are expressing high expectations for LINK’s future growth. A notable analyst, known as Satoshi Flipper, has declared LINK’s recent price performance as remarkable and suggests that the token could potentially achieve a tenfold increase from its current price. Confidence in Chainlink’s project and its perceived undervaluation contribute to a positive outlook for its investment potential.
Chainlink’s growth is further bolstered by the project’s continuous expansion, with recent announcements of new chain integrations and service adoptions across multiple platforms. These include collaborations with various projects and integrations of Chainlink’s services on chains such as Arbitrum, Avalanche, BNB Chain, Ethereum, Optimism, and Polygon, indicating a broadening of Chainlink’s ecosystem influence.