A latest Chainlink price prediction of $100 has fueled discussions among market participants, especially amid the recent developments in the market. Notably, the broader crypto market has been highly volatile so far this month, amid the ongoing trade war tensions between the US and China. Since then, there have been no major positive catalysts in the market to move the broader market sentiment. Having said that, investors are now awaiting the upcoming US CPI inflation data to influence crypto prices. LINK price was also no exception amid the selloff in BTC and major altcoins. However, despite that, it seems that large investors, or whales, have continued to put their bets into the asset. According to the latest on-chain data, whales are aggressively betting on Chainlink, alleviating selling pressure. This also reflects their long-term confidence in the asset, which might help in a strong run for the crypto ahead.
LINK Price Defends Key Support as Chainlink Whales Turn Bullish
Chainlink price has traded near the flatline today and exchanged hands at $17.33, but its trading volume from yesterday fell 28% to $888.92 million. However, as LINK defended the key support at $16, analysts remain optimistic on a potential recovery ahead. Notably, the crypto has lost nearly 6% over the last seven days, while losing about 20% in the monthly chart. The crypto has slipped from a 30-day high of $23.67 to as low as $10.18 amid the broader crypto market selloff. However, it seems that the latest retreat has helped large investors or whales to enter the market at a discounted price. Besides, it has also helped the crypto to reclaim the brief support at $16, which many analysts have cited as a critical level. Based on that level, an analyst has shared a very optimistic Chainlink price prediction of $100. So, let’s explore the recent bets from whales, which may shed some light on how large investors are placing their bets after the recent selloff.
Chainlink Whale Bets: Details
As mentioned earlier, one of the main factors behind the latest bullish Chainlink price prediction is the buying pressure from large traders. For context, a recent report from Lookonchain showed that two whales have withdrawn significant amounts of LINK from major exchanges OKX and Kraken. Whale “0xf386” has accumulated a staggering 1.1 million LINK, worth approximately $19 million, over the past five months. Meanwhile, whale “0xe8aa” withdrew 66,113 LINK, valued at $1.14 million, from Kraken in the last 24 hours, taking its total accumulation to 307,684 LINK, worth $5.34 million, in the past month.
Santiment’s data further reinforces the bullish sentiment. The report reveals that whales and sharks holding between 100,000 and 1 million LINK have been consistently accumulating the asset. Over the past 12 months, these wallets have accumulated 40 million LINK, representing a 28% increase.
The accumulation trend is evident across various timeframes, with a 7.6% increase in the past six months and a 5% increase in the past three months.
Analyst Reveals Chainlink Price Prediction of $100
Amid the soaring bets from whales, a renowned market expert has shared a bullish Chainlink price prediction of $100. Analyst Ali Martinez said that despite a gloomy sentiment in the market, LINK whales have accumulated 13 million tokens in the last two weeks. In addition, he noted that the $16 mark acts as a key support for the asset. According to on-chain data, around 54.5 million LINK tokens have been accumulated in this range, making it a critical level to watch.
Meanwhile, from a technical perspective, Martinez said that LINK price appears to be forming a symmetrical triangle. Having said that, he noted that if Chainlink price can close above $25, a bullish breakout to $53 or even $100 awaits the crypto.
However, investors should exercise caution, especially as the broader market has now shifted its focus towards the upcoming US CPI. While a softer print could trigger a rally in digital assets, any other development could further dampen the sentiment.