Chainlink (LINK) briefly dropped to $20.1 during the weekend before staging a quick recovery to a little over $23. The latest dip, however, extended its weekly losses to almost 22%.
This prompted many whales to accumulate the token.
LINK Whales’ Conviction
There has been a noticeable uptick in the holdings of wallets containing between 10 million and 100 million LINK coins, rising from approximately 475.79 million to 479.78 million within a short period.
According to popular crypto analyst Ali Martinez, this translates to a purchase of over $44 million worth of LINK, which reflects bullish behavior among large holders during the price retracement. The accumulation trend suggests growing confidence in LINK’s long-term potential.
Lookonchain’s recent tweet further validated the strong conviction among whales. The blockchain analytics platform identified nine fresh wallets withdrawing a total of 362,380 LINK tokens, which is worth around $8.19 million, from Binance within the last 48 hours.
Before the recent market turmoil, the LINK token saw a significant price increase and a boost in market activity, attributed to World Liberty Financial (WLFI) – a project backed by Donald Trump’s family – strategically increasing its holdings. This wave of renewed interest has led to a sharp rise in market activity.
As such, CoinCodex has predicted that Chainlink’s price will increase by more than 53%, potentially reaching $35.56 by January 22, 2025. The market sentiment remains Neutral, while the Fear & Greed Index stands at 70 (Greed). In the past 30 days, Chainlink had 16 green days out of 30, with a volatility of 17.48%.
Chainlink Leads Real-World Assets (RWA) Sector
Earlier this month, market intelligence platform Santiment reported that Chainlink is at the forefront of the real-world assets (RWA) sector in terms of development activity. Its analysis highlighted that the decentralized oracle network is leading the sector, followed by Synthetix (SNX), a synthetic asset platform based on Ethereum, and Dusk Foundation (DUSK), which focuses on privacy and tokenization.
According to the data, Chainlink recorded nearly 394 significant GitHub events in the last 30 days, while Synthetix and Dusk Foundation had 176.6 and 34.7, respectively.
Besides, Chainlink has partnered with leading companies such as Coinbase, SWIFT, UBS, and Emirates NBD for the RWA tokenization industry.
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