THESE are the 3 reasons why LINK’s price could rally to $30!

Key Takeaways

Whales added $13M in LINK, institutions ramped up adoption, and technicals broke a key trendline. A push above $24 could open the path to $30.

Chainlink [LINK] gained by over 30% over the past week, with the daily trading volume hitting $1.35 billion. At the time of writing, LINK was trading near $21 following a modest 1% dip from the previous day’s close.

In fact, the altcoin may be setting up for what seems like the perfect scenario for a rally. On-chain and macroeconomics data were all in support of the price breakout too.

Assessing LINK’s whale accumulation

Data from Lookonchain revealed heavy buying activity backed by CEX outflows and fresh spot purchases. In fact, the largest transaction was a withdrawal worth 510,000 LINK or $11.13 million from Binance to Compound over two days.

On top of that, two other whales bought 59,560 LINK and 44,846 LINK, bringing the total inflows to roughly $13 million. This wave of buying came from both new and existing whales.

Daily Active Addresses also jumped to 9,410 from 5,500 a week ago, according to IntoTheBlock. This can also be seen as a sign of growing retail and whale participation.

Institutions ramp up LINK exposure

Having said that, institutions are also moving in now. Chainlink’s collaborations span global giants like Fidelity, Swift, DTCC, Citi, JPMorgan, and BNP Paribas – Positioning it as a core Web3 infrastructure provider.

According to Chainlink’s Zach Rynes, Chainlink Reserve was the answer to how users paid in fiat but tied the economics to its token.

As a result, the DEX volumes rose since the conversions were done on decentralized exchanges. Figures for the same were as high as $1.298 billion in the last 24 hours.

Chainlink is also a major contender for tokenizing Wall Street, as previously advised by the U.S Securities and Exchange Commission (SEC).

Apart from institutional involvement, where does the price action stand though? Is it on the right track?

Is the altcoin undervalued?

As far as the price charts are concerned, LINK broke out after a double bottom retest at $18 – Clearing a descending trendline that began last December.

At press time, the price action appeared to be eyeing the $30-level. However, it must first break and hold above $24.

What about expert projections though?

Well, analysts like Posty called LINK “undervalued” and set a bold $100 target. In doing so, Posty claimed that its $15 billion market cap could rise to $100 billion eventually.

Apart from stablecoins, only Bitcoin [BTC], Ethereum [ETH], XRP, and Solana [SOL] have crossed that level so far.