Chainlink Whale Activity Surges to 2023 High Following Price Drop

• Chainlink (LINK) has seen a massive embrace following its latest price plunge.
• Analysts now have a bullish projection for LINK in the short and long term.

According to the blockchain analytic platform Santiment, several big money investors are currently leveraging the sudden price drop of Chainlink (LINK) to expand their portfolio. 

The cryptocurrency is presently trading at $5.40, down by almost 16% within the last seven days and indicating a three-year low. Within the last week, some wallets which previously held between 1000 to around 100,000 LINK now have up to 3.9 million LINK, valued at approximately $20 million. Remarkably, this increased activity from crypto whales translates to a record high for 2023, according to Santiment.

In the meantime, it is not certain what the price dip means, however, many traders may consider the situation as a silver lining to improve their LINK portfolio, especially after these whales have suggested through their accumulated purchase that there may be a bull run soon. 

Also, Chainlink was tipped last month as one of the tokens that are likely to explode in the next bull run pending when institutional interest in crypto becomes more mainstream.

Price Prediction Indicates Bullish Run for Chainlink

Investors have been watching the Chainlink (LINK) protocol closely for some time now and monitoring its performance. 

It is believed that its current price presents an accessible entry point into the cryptocurrency market. At the same time, Chainlink’s recent integration into the Avalanche network is perceived to bring promising prospects that will then foster greater adoption and contribute to the long-term growth of Chainlink’s ecosystem, potentially boosting the value of its token.

So far, the price predictions by analysts suggest a bull run for LINK with a trading range of $6.51 to $15.82 this year. While for 2025, Chainlink could hit a 207% price increase, reaching up to $20. Some projections envision an average price of $60 by 2030, with a minimum estimate of $47.78 and a maximum projection of $72.90. 

Beyond Chainlink, Top Tokens to Watch

Besides Chainlink, analytics platforms have also been tipped Cardano (ADA) as a high flier in the near term. Santiment prejected ADA which was listed last week as unregistered securities in the Securities and Exchange Commission’s (SEC) lawsuits against Binance and Coinbase. The blockchain analytic firm says that following a crash that happened last weekend, ADA may have arrived at its “buy the dip” zone.

“The Cardano capitulation happened more notably than other altcoins during Friday’s crash. After prices fell -35% between June 5-9, the buy-the-dip opportunity came when ADA volume, address activity, and social dominance all hit 2023 highs on Saturday,” Santiment tweeted.

At the time of this writing, ADA is trading at $0.2753, down 2.69% in the last 24 hours, 22.4% during the last seven days, and is 91% down from its all-time high. The series of lawsuits inarguably have taken its toll on the ADA token as well as other altcoins. Some have started recovering while others are still below their pre-crash levels. 

Crypto News Flash does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products, or other materials on this page. Readers should do their own research before taking any actions related to cryptocurrencies. Crypto News Flash is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods, or services mentioned.