- Chainlink (LINK) surged 17%, breaking key resistance levels and gaining investor attention.
- LINK Futures Open Interest hit a record $770.27M, signaling strong market activity.
- Analysts predict LINK could reach $52 or $100 in this bull cycle, driven by solid fundamentals.
Chainlink (LINK) seemed to make waves in the crypto market, which has had a phenomenal rally in the last week. It surged about 17% and pierced all critical resistance levels, therefore setting a strong upward trajectory. Given the big market action and the notable development, traders and investors have highlighted this momentum.
Chainlink Sees Record OI as Investors Pile In
Recent data from Spot On Chain revealed a strategic accumulation effort by Donald Trump’s World Liberty Financial. In just five hours on December 13, the fund purchased 37,052 LINK tokens worth $1 million and 685.4 AAVE tokens valued at $247,000.
Their total investment is now $2 million for 78,387 LINK tokens at an average price of $25.51, generating a profit of $232,000 (+11.6%). They have invested $1.25 million into 4,043 AAVE tokens, yielding them $217,000 at (+17.4%). The accumulation is an attestation to growing institutional confidence in the potential of Chainlink.
Market data further shows that one of the strengths of LINK is reaching its peak in almost two years. According to Glassnode, LINK Futures Open Interest (OI) jumped to an all-time high of $770.27 m, far away from the closest rivals to date: TON stood at ($259 m), while TRX was a little bit higher at ($356 m). This can be interpreted as investors’ more interest in and optimism about Chainlink’s future growth.
LINK Bulls Set $100 Target in Bull Cycle
As LINK continues to surge, attention is being closely placed on key price levels. Crypto analysts have set ambitious targets for the coin, with some expecting it to reach $34 if it secures an hourly close above $30.4.
Another analyst prediction suggests that if LINK stays above $30.50, it could reach as high as $52 and climb up to $100 in this bull run. The company has strong utility and growing partnerships.
Chainlink’s market capitalization has reached past $18.5 billion, extending to the highest level since 2021. The further intrusion of the token into the decentralized finance (DeFi) and blockchain technology sectors has made the token a leading player in the industry.
With strong fundamentals and growing institutional interest, Chainlink is well-positioned for further growth. Traders and investors are optimistic, eyeing key resistance levels and breakout confirmations as LINK targets new highs in this bullish phase.
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