After amassing a 167% price surge from January 1st, 2023 to January 2nd, 2024, Chainlink (LINK) has witnessed yet another 4.5% rise within 24 hours and 9% increase on the 14-day charts— though the token has experienced a 2.2% drop in the past 31 days. Despite this slight descent, industry analyst ‘Ali Charts’ has informed investors of a possible bull pennant formation. If successful, and LINK closes above $17.2, it could bring about a rise of more than 110%; nevertheless, $14.2 is being taken into consideration as breakingbelow this point could dissolve any bullish prospects for the token.
Developments further show that late December sparked seeing colossal whale purchases with purportedly more than 7 million LINK tokens worth $105 million accumulated in one week. This intensive action has accentuated faith among crypto-investors, exposing increasing enthusiasm and assurance in the platform. Members can consequently anticipate similar interests and acquisitions being concluded throughout 2024.
The digital asset previously attained an all-time high of $59.71 in May 2021, albeit, at present, LINK is almost 70% lower than this valuation. This decline in its value might be reverting immediately the crypto market corrects its momentum, potentially sourced from the notification of a Spot Bitcoin Exchange Traded Fund and the follow-on of BTC’s May halfing event— just as the significant cryptocurrency vaulted to a never-before-seen $45,000during late March. With all these signposts and with the arrival of another 2021-style bull run, Chainlink (LINK) and other pivotal digital currencies might potentially exceed their prior biggest portfolio values.
