TLDR
- LINK token reached its highest value since early 2022 at $26.90
- November saw a 67% price increase followed by 30% in December’s first week
- A single whale investor purchased 269,861 LINK worth $6.68M
- Market activity exploded with 930% volume increase
- Technical patterns suggest potential target of $37.93 ahead
Chainlink’s LINK token is making headlines in December 2024 after breaking through key price levels to reach $26.90, marking its highest value since January 2022. The latest surge comes as market data reveals a single large investor has accumulated tokens worth $6.68 million.
Market tracking services identified the whale’s purchase through blockchain data, showing the investor acquired 269,861 LINK tokens across multiple transactions. The buying strategy showed careful execution, with 107,838 tokens purchased through decentralized exchanges at an average of $24.10, while the remaining 162,024 LINK came through Binance.
The token’s price performance in recent months tells a story of building momentum. Starting from August 2024’s low point of $8.08, LINK has carved out a series of higher lows, eventually leading to the current breakout. November proved particularly strong, delivering 67% returns to holders before December added another 30% in its opening days.
Trading activity has exploded alongside the price increase. Daily volume surged 930% above typical levels, indicating widespread market participation. This surge in activity spread to derivatives markets, where futures trading volume jumped 451% to reach $5.04 billion.
The futures market has shown particular strength, with open interest climbing 58% to reach $704.92 million. This increase suggests traders are building positions in anticipation of continued price movement, rather than just short-term speculation.
Technical analysts note several encouraging signs in LINK’s market structure. The weekly price chart shows a clear break above long-term resistance levels, while momentum indicators like the Relative Strength Index have moved above 70, a level historically associated with strong upward moves.
On December 2, coinciding with the price surge, Chainlink’s development team announced a new partnership, revealing that 21x would implement the Chainlink standard. This news added fundamental support to the technical breakout already underway.
Daily chart patterns reveal what traders call a 1-2/1-2 wave formation, often seen before accelerated price movements. The absence of bearish divergence in technical studies suggests the rally may have room to continue before any major correction occurs.
Market watchers have identified $33.72 as the next major resistance level, created by a combination of historical price action and technical factors. Some analysts project a minimum target of $37.93 based on wave analysis patterns, with more optimistic predictions extending beyond these levels.
The distribution of trading activity between centralized and decentralized exchanges shows healthy market depth. The whale buyer’s decision to split purchases between different venues suggests a sophisticated approach to large-scale accumulation.
Price volatility has increased during the rally, with recent trading sessions seeing swings between $19.02 and $26.50. However, the overall trend has remained upward, with each pullback finding ready buyers.
The futures market data provides insight into trader positioning. The sharp rise in open interest, combined with increased trading volume, indicates new money entering the market rather than just existing traders changing positions.
Looking at longer-term price action, LINK has now recovered substantial ground from its 2022 decline. The current price level represents a 130% increase from the August 2024 bottom, drawing increased attention from market participants.
The rally’s structure shows steady accumulation rather than speculative frenzy, with each new price level being tested and confirmed before further advances. This pattern often suggests more sustainable price movement.
Trading patterns indicate consistent buying pressure across all time frames, from hourly to weekly charts, suggesting broad-based support for the current price levels.
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