The Chainlink price experienced a significant jump of 8.51% to reach $25.1, following Bitcoin's attempt to sustain a position above $100k. This increase in buying pressure suggests the potential for a major breakout for Chainlink, especially amid growing institutional interest.
BlockTower Capital, a well-known crypto investment firm, recently purchased 144,799 LINK tokens worth around $3.44 million, indicating a strategic bet on the utility and growth potential of Chainlink. This acquisition was facilitated through major crypto brokerage platforms.
The current chart analysis shows a formation of a pennant pattern, typically seen in an established uptrend. This suggests a possible breather for buyers, followed by an upside breakout that could result in a 60% surge to reach $40.
Overall, the Chainlink price is showing potential for further upward movement and gaining momentum in a bullish altcoin market.
- Content Editor ( cryptonewsz.com )
- 2024-12-07
Chainlink Price Analysis Hints Final Dip Before 60% Breakout Rally - CryptoNewsZ