Altcoins are once again taking up the lead as we approach 2024, and Chainlink (LINK) continues to make strong moves. In the last 24 hours, the Chainlink (LINK) price has gained by 17% shooting all the way to $17.50.
The trading volumes have shot up by nearly 100% moving all the way to $1.1 billion. The recent price thrust in Chainlink comes on the backdrop of strong whale activity.
Chainlink (LINK) Whales on Buying Spree
Over the past week, Chainlink whales were scooping up large supplies while the LINK price consolidated above $14 levels. Renowned crypto analyst Ali Martinez has reported a significant development in the Chainlink market. In the span of a single week, whales associated with Chainlink have acquired around 7 million LINK tokens, amounting to a staggering $105 million. This substantial buying activity signals a notable surge in confidence among major players in the Chainlink ecosystem.
On the technical chart as well, Chainlink (LINK) seems to be in a strong re-accumulation zone. If the LINK price sustains above $17, it can lead to a further rally all the way to $25 going into 2024, as per the flag-and-pole breakout.
