Time to Buy LINK? Chainlink Open Interest Soars to All-Time High
On December 12, 2024, Chainlink (LINK) appeared to be on the radar of both whales and institutions, causing a significant price spike over the past 24 hours. According to the whale trade tracker on X (formerly Twitter), massive accumulations have been reported, ranging from wallet-related Trump to whales.
Whales and institutions are increasingly interested in LINK
During Asian trading hours, eye forest chainA blockchain-based transaction tracker posted on X that Trump’s World Liberty Financial acquired 41,335 LINK worth $1 million. The average price of this noteworthy purchase was $24.19.
Additionally, another blockchain-based transaction tracker Guan Lian Posting on X, one whale invested 1,263 ETH worth $4.95 million to purchase 175,424 LINK tokens at an average price of $28.18.
Chainlink (LINK) Open Interest Hits All-Time High
These two major acquisitions in less than 12 hours gained widespread attention from the cryptocurrency community, causing price and future open interest (OI) to hit all-time highs.
According to on-chain analytics firm glass nodeLINK’s price jumped to its highest level in the past two years, and its future OI also reached a record high of $770.27 million.
Current Price Momentum
Currently, LINK is trading near $28.23, with the price surging more than 18.5% in the past 24 hours. During the same period, its trading volume surged 65%, indicating increased participation from traders and investors amid continued participation from whales and institutions.
Chainlink (LINK) Technical Analysis and Upcoming Levels
According to expert technical analysis, LINK is currently facing strong resistance near $29 and is trying to break above this level. There is a good chance that it will break above this level in the coming days due to institutional interest, crypto whales, and trader confidence.
Based on recent price action, if LINK breaks out of this level and closes above $29.50, it will most likely surge 20% initially to the next resistance level at $35, followed by an 80% surge to $52.50 levels, its all-time high level.
However, traders and investors need to understand that LINK has extended significantly on both the weekly and daily time frames. There is also the possibility of a price correction during the upcoming rally, which could provide support for LINK’s bull run.
