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Will Chainlink Price Rally To $30 As Whale Activity Hits Three-Month High?

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2 weeks ago

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Chainlink’s price momentum has recently sparked speculation of a possible rally to $30, as key technical indicators align.

Analysts World of Charts suggest that LINK, currently trading around $13.67, may be poised for further growth if it breaks above a crucial descending trendline that forms the top of a bullish flag pattern. The recent uptick has generated renewed interest, fueled by robust whale activity and broader market trends.

One of the main drivers behind Chainlink’s recent momentum has been whale activity. According to Santiment, large holders with balances between 100,000 and 10 million LINK have accumulated an additional $369.8 million worth of the token over the past seven weeks. 

This increase represents an 8.2% growth in holdings, reaching a three-month high. Whale accumulation often signals confidence in the asset’s long-term potential, as these investors typically hold large stakes with expectations of significant returns.

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The recent Chainlink price breakout has taken LINK above the $13.65 mark for the first time since July, indicating increased buying interest. This milestone, alongside high whale accumulation, suggests that large investors are positioning for further price gains. Concurrently, according to a Chainlink price prediction from CoinGape, the token may be on the verge of a 50% rally, backing the bullish sentiment.

Exchange Outflows Suggest Reduced Sell Pressure

Data from CryptoQuant shows a trend of consistent LINK outflows from exchanges, with spot exchange netflows turning increasingly negative. On November 8th, LINK outflows spiked to a 30-day high, reflecting a reduced willingness among traders to sell. 

Such outflows are often seen as a bullish indicator, as they suggest that holders are moving their assets off exchanges, potentially to hold them long-term. Lower sell-side pressure could set the stage for LINK’s continued price appreciation. With fewer tokens available for sale on exchanges, any increase in demand could drive up the price faster.

Chainlink has also seen a surge in on-chain activity. According to IntoTheBlock, the number of active addresses has risen significantly, growing from 1,930 to 2,750 within a few days. Increased activity on the network can indicate greater interest in the asset and signal potential price movement.

Additionally, Santiment reports a spike in Chainlink’s development activity, which has risen by over 14,000% in the past month. This high level of engagement from developers suggests strong commitment to building and expanding the Chainlink ecosystem, a factor that can bolster investor confidence.

In the derivatives market, data from Coinglass reveals a 17% increase in Open Interest, now reaching $252 million. This rise in Open Interest coincides with an increase in funding rates, indicating that traders are opening long positions on LINK. Rising Open Interest often reflects growing confidence among traders, as they anticipate further gains.

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The combination of whale accumulation, reduced exchange supply, rising on-chain activity, and bullish derivatives data creates a favorable environment for Chainlink. If the bullish flag pattern is cleared, as predicted by World of Charts, LINK price could be on its way to challenging the $30 mark in the coming weeks.

At the time of writing, Chainlink price is trading at $13.67, up 9.21% over the past 24 hours with a 24-hour trading volume of $585 million.

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Kelvin Munene Murithi

Kelvin is a distinguished writer with expertise in crypto and finance, holding a Bachelor’s degree in Actuarial Science. Known for his incisive analysis and insightful content, he possesses a strong command of English and excels in conducting thorough research and delivering timely cryptocurrency market updates.

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.





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Solana Hits New ATH On Huge Whale Accumulation, More Gains Ahead?

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8 hours ago

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November 22, 2024

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Solana has once again caught the attention of market participants as it hit a new ATH on Friday. Notably, SOL witnesses a sustained rally against the backdrop of massive whale accumulations. Now, as the crypto is noting a buying pressure amid the bull market, market watchers anticipate further gains in the crypto ahead.

Solana Hits New ATH Amid Massive Whale Buying

According to data by Lookonchain on November 22, whales continue to accumulate Solana amid its upside movement to a new ATH. According to the data, a fresh wallet was recorded accumulating 42,443 SOL, worth $11.14 million, from Binance over the past two days. This accumulation was made by the wallet address “Au1VJ…q8hF8”, per Solscan’s data.

Simultaneously, another massive accumulation recorded over the past day has weighed the scales toward the bullish side of the asset. Lookonchain revealed that a whale bagged 100K SOL, worth $23.86 million, and staked it over the last two days. Notably, Solscan’s data showed this whale address as 7L1HBfMH.., while the whale’s SOL holdings totaled $55.58 million.

Overall, these accumulations, underscoring increased buying pressure on the asset, birthed significant market optimism on future price movements. For context, large-scale investors’ accumulations signaled heightened market confidence in the asset’s potential to offer gains ahead.

Moreover, with the soaring odds of a Solana ETF further weighing in, the current market sentiment for one of the leading crypto by market cap remains highly bullish. A recent CoinGape Media report further revealed that the SEC has now started engaging with the SOL ETF issuers regarding the filed S-1 registration statements. Besides, Bitwise has also filed for Solana ETF recently, further fueling market interest.

Coin Price Gians 8% Breaking ATH

SOL price today witnessed gains worth 8% intraday and was trading at $262.51 at the time of reporting. The coin’s 24-hour low was $237.33, whereas the current price level marked a new ATH. Notably, the weekly chart illustrated a 26% pump for the coin, followed by a monthly upswing of 59%. This bullish movement falls in line with massive buying pressure on the asset, as seen by the abovementioned whale transactions.

Simultaneously, Coinglass data indicated that the coin’s futures OI surged 15% to $6.01 billion. Moreover, the derivatives volume noted a 61% uptick to $19.03 billion. Overall, this stat indicated a burgeoning market interest in the asset, further paving an optimistic path for future price movements.

Also, a recent Solana price analysis by CoinGape Media pointed out that the coin eyes a $5,000 price target as it has already noted a significant surge from its 2023 lows. Crypto market watchers continue to monitor the token for further price action shifts in light of the abovementioned statistics.

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Coingape Staff

CoinGape comprises an experienced team of native content writers and editors working round the clock to cover news globally and present news as a fact rather than an opinion. CoinGape writers and reporters contributed to this article.

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.





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“Crypto Dad” Chris Giancarlo Emerges Top For White House Crypto Czar Role

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12 hours ago

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November 22, 2024

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Chris Giancarlo, widely known as “Crypto Dad,” has emerged as the leading candidate for a newly proposed role of crypto czar in the White House under President-elect Donald Trump’s administration. The potential appointment underscores a strategic effort to advance crypto regulations and foster blockchain innovation in the United States.

This proposed position would be the first of its kind in the White House, aiming to bring clarity to the growing $3 trillion digital asset market. Chris Giancarlo, the former Chair of the Commodity Futures Trading Commission (CFTC), is known for his progressive approach to digital currencies and blockchain technologies.

Chris Giancarlo Leads Race for White House Crypto Czar Role Under Donald Trump

According to a Fox Business report, Chris Giancarlo is the top contender for the position of White House crypto czar, a role being considered by the Trump transition team to streamline crypto regulations and foster blockchain development.

As CFTC Chair from 2017 to 2019, Chris Giancarlo oversaw critical advancements in the digital asset space. This includes the launch of the first Bitcoin futures. He later co-founded the Digital Dollar Project, a nonprofit initiative exploring the potential of a U.S. central bank digital currency (CBDC). Giancarlo’s regulatory expertise and understanding of digital innovation position him as a key figure in shaping the future of the crypto sector.

The Trump administration aims to utilize this position to address industry concerns over the Biden administration’s perceived heavy-handed enforcement. The crypto czar would also collaborate with federal agencies to establish a framework for the $180 billion stablecoin market and enhance the overall regulatory landscape for blockchain and digital currencies.

Trump’s Strategic Approach to Digital Asset Policy

President-elect Donald Trump has expressed plans to make the U.S. a global leader in cryptocurrency and blockchain innovation. Part of this strategy includes appointing a crypto czar to advance policies to support the industry’s growth.

Trump has also proposed the establishment of a presidential crypto advisory council to address ongoing regulatory challenges. This initiative aims to align federal policies with industry needs, fostering a competitive environment for blockchain businesses. The council will explore the creation of a Bitcoin reserve as part of the administration’s broader crypto policy agenda.

The transition comes as current SEC Chair Gary Gensler announced his resignation effective January 20, 2025, coinciding with Trump’s inauguration. Gensler faced criticism during his tenure for his enforcement-driven approach to crypto regulations.

Amid speculation, Chris Giancarlo clarified that he is not pursuing the SEC Chair role. Giancarlo said in a recent statement,

“I’ve already cleaned up earlier Gary Gensler mess at the CFTC and don’t want to have to do it again.”

His focus remains on advancing crypto-friendly policies through a potential new role. According to the report, the “Crypto Dad” stated,

“I would be honored to be considered for the role.”

The creation of the crypto czar position could mark a pivotal moment in the evolution of U.S. crypto policy. With Chris Giancarlo leading the race, the industry anticipates advancements in crypto regulations under the new administration.

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Ronny Mugendi

Ronny Mugendi is a seasoned crypto journalist with four years of professional experience, having contributed significantly to various media outlets on cryptocurrency trends and technologies. With over 4000 published articles across various media outlets, he aims to inform, educate and introduce more people to the Blockchain and DeFi world. Outside of his journalism career, Ronny enjoys the thrill of bike riding, exploring new trails and landscapes.

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.





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Donald Trump Proposed Crypto Advisory Council To Set Up Strategic Bitcoin Reserve

Published

17 hours ago

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November 21, 2024

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Donald Trump plans to establish an advisory council to position the U.S. as a leader in the cryptocurrency space. The council will spearhead policy changes, coordinate with Congress on crypto legislation, and oversee the creation of a strategic Bitcoin reserve.

The advisory council will also operate under the White House’s National Economic Council or a similar executive body. Industry executives have revealed that the council will collaborate with federal agencies like the Securities and Exchange Commission (SEC), Commodity Futures Trading Commission (CFTC), and the Treasury to streamline regulatory frameworks for the crypto industry.

Donald Trump To Establish Bitcoin Reserve Amid Crypto Council Formation

According to a recent report, Donald Trump’s crypto advisory council will advise on digital asset policies and oversee the creation of a strategic Bitcoin reserve. The reserve aims to position Bitcoin as a core element of the United States’ economic strategy. This will enhance the nation’s leadership in the global crypto space.

The council will work with Congress to draft legislation and coordinate between agencies such as the SEC, CFTC, and Treasury. The initiative seeks to establish clear regulatory guidelines within the crypto sector. More so, the idea of a Bitcoin reserve reflects a commitment to integrating blockchain technology into national economic frameworks.

Additionally, the move comes amid rising discussions on why the United States should consider Bitcoin as part of its national reserves, particularly in light of countries like El Salvador and Bhutan already adopting it. Advocates like Anthony Pompliano stress the urgency for the U.S. to act to maintain its leadership in the evolving digital economy.

Industry Leaders Compete for Seats on Trump’s Crypto Council

Several players in the industry, including Ripple, Kraken, Coinbase, and Circle, are vying for a position on Donald Trump’s council. These companies aim to influence the administration’s approach to crypto regulation and advocate for pro-industry policies. Executives from Paradigm and Andreessen Horowitz’s crypto arm, a16z, are also expected to play key roles in shaping the council.

Ripple and Circle, represented by their executives, have already expressed interest in contributing to the council. Circle CEO Jeremy Allaire recently emphasized the importance of building a robust, crypto-friendly infrastructure under Trump’s administration. Industry leaders hope this council will bring an end to enforcement actions seen under the previous administration.

Most recently, Cardano founder Charles Hoskinson endorsed Coinbase CEO Brian Armstrong for the potential White House crypto role under Donald Trump’s administration. Hoskinson praised Armstrong’s neutrality and deep understanding of the crypto industry, emphasizing his ability to guide regulatory progress.

Meanwhile, this major push comes as the current SEC Chair, Gary Gensler, announced he is set to resign on January 20, 2025, coinciding with Donald Trump’s inauguration as U.S. President. Ripple’s CLO, Stuart Alderoty, emphasized the need for a new Chair who will establish clear rules for crypto. 

Notably, former regulators, including Heath Tarbert, former CFTC Chair and now Circle’s chief legal officer, and Brian Quintenz, a16z’s head of policy, are reportedly advising Donald Trump’s transition team. These individuals bring extensive regulatory experience to the development of the Crypto Council and its proposed Bitcoin reserve.

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Ronny Mugendi

Ronny Mugendi is a seasoned crypto journalist with four years of professional experience, having contributed significantly to various media outlets on cryptocurrency trends and technologies. With over 4000 published articles across various media outlets, he aims to inform, educate and introduce more people to the Blockchain and DeFi world. Outside of his journalism career, Ronny enjoys the thrill of bike riding, exploring new trails and landscapes.

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.





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