Chainlink (LINK) Price Resurgence Targets $10 Level

Chainlink (LINK) price has remained relatively flat over the past 15 months. An in-depth on-chain analysis reveals a close correlation between the ongoing Chainlink price surge and the renewed interest in crypto among TradFi’s big players. 

Around mid-June, LINK price entered a rare uptrend, which coincided with Blackrock’s initial Bitcoin ETF application on June 15. Prior to that moment, Chainlink’s (LINK) price had crashed 38% from its April 2023 peak of $8.57. 

As of July 21, Chainlink has now hit a three-month high of $8.20 amid growing global demand for seamless interoperability between DeFi and TradFi ecosystems. 

Will the renewed crypto interest among institutional investors evolve into a LINK price surge? 

Chainlink Whales Began Scooping the Dip Since June 2023

On-chain data shows that whale investors began to place big bets on LINK around June 2023. According to IntoTheBlock, Chainlink only attracted 26 Whale Transactions on May 31. 

Since then, the whales have gradually increased their trading activity, reaching 238 Large Transactions at the close of June 20. This represents a remarkable 815% surge in whales’ trading activity. 

Large Transactions aggregates the daily number of daily confirmed transactions exceeding $100,000. This provides insights into the trading activity of large institutional investors and high-net-worth holders. 

As observed above, this significant rise in Chainlink whale transactions over a two-month period is bullish for a few reasons. Firstly, institutional investors are investing in Chainlink in preparation for the Bitcoin ETF approvals to spark demand for information to flow between DeFi and the TradFi space. 

Also, whale transactions provide greater liquidity. This allows other investors to execute high-volume trades without significantly nudging the LINK price downward. 

The Whales are Facilitating Increased Transactional Activity 

In the same vein, the rising transaction volume across the Chainlink ecosystem also validates the bullish outlook. Santiment’s data shows that Chainlink transactional activity has continued to gain traction in recent weeks. 

The chart below illustrates how LINK Transaction Volume rose from 5.56 million to a remarkable 45.35 million between June 10 and June 21. 

Transaction Volume shows real-time changes in market sentiment by summing up the number of tokens traded daily. It signifies increased demand and heightened interest among network participants when it rises. 

In essence, it appears that the liquidity Injected by the whales has triggered transaction activity across the Chainlink network. 

The growing whale activity and transaction volume indicate growth in the underlying Chainlink network value. This could ultimately drive up LINK price to new 2023 peaks in the coming weeks. 

LINK Price Prediction: $10 Within Reach

The factors outlined above indicate that LINK will likely reclaim the $10 milestone. However, the bulls face a major resistance around the $9.50 level. At that territory, 40,000 investors that 32 million LINK tokens at the average price of $9.52 could impede the rally.

However, if the rising transactional activity results in stronger bullish momentum, Chainlink could hit $10 for the first time since May 2022. 

Conversely, if the bullish whales look to book some profit, LINK price could drop below the $7 support level.

However, 21,000 holders bought 47.3 million Chainlink tokens at an average price of $7.64. LINK could rapidly enter a rebound if they buy more to cover their long positions.

Nevertheless, Chainlink could drop toward $6.50 if that support level gives way.