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Why Chainlink traders are bullish after Donald Trump’s $4.7M move

2min Read

Chainlink could rally by 175% to reach the $75 mark in the future if…

LINK

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  • Trump’s World Liberty had purchased a significant 177,928 LINK tokens worth $4.7 million.
  • LINK’s Long/Short Ratio stood at 1.03, indicating strong bullish sentiment among traders.

Chainlink [LINK] is gaining significant attention from the crypto community and is poised for a massive upside rally. Bullish price action and a recent investment by  Donald Trump’s World Liberty could explain this positive outlook.

Despite his inauguration, the current market sentiment seems to be facing a price correction as investors engage in profit booking.

On the 20th of January 2024, the blockchain-based transaction tracker Lookonchain posted on X (formerly Twitter) that Trump’s World Liberty had purchased a significant 177,928 LINK tokens worth $4.7 million.

Traders’ rising interest 

Considering the notable investment, traders are also making bets on LINK, as revealed by the on-chain analytics firm Coinglass. The Long/Short Ratio currently stands at 1.03. This indicates a strong bullish sentiment among traders.

Additionally, data further reveals that 53% of top traders currently hold long positions, while 47% hold short positions.

In addition to this data, traders are over-leveraged, with positions ranging from $23.98 on the lower side to $25 on the upper side.

Trader rising interest 

Source: Coinglass

LINK technical analysis and key levels 

According to expert technical analysis, LINK appeared bullish. On the weekly timeframe, it successfully retested the breakout level of a bullish cup-and-handle price action pattern.

It is now poised for significant upside momentum.

LINK technical analysis

Source: TradingView

Based on historical price movements, if LINK closes a daily candle above $26.70, it could rally by 175% to reach $75 in the future.

However, this target is still far off. Current market sentiment and Donald Trump’s arrival as President of the United States could play a significant role in achieving it.

RSI bullish reversal indication

On the positive side, LINK’s Relative Strength Index (RSI) is below the overbought zone. This indicates that the asset has sufficient room to rally significantly in the coming days.

When combining on-chain metrics with LINK’s price action and Trump’s World Liberty’s recent investment, the outlook is bullish. It appears that the bulls are back and could support the altcoin in reaching its predicted level.


Is your portfolio green? Check the Chainlink Profit Calculator


At press time, LINK was trading near $23.90 and has registered a price drop of 2.55% in the past 24 hours.

Despite this, traders and investors have shown strong confidence, leading to a 29% increase in trading volume during the same period.

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Vivaan Acharya is a Mumbai-based journalist with five years of experience covering technology and finance. After earning his Master’s in Economics from the University of Delhi, he began his career at a major financial daily, analyzing market trends and corporate earnings. In 2018, Vivaan shifted his focus to cryptocurrencies and wrote his thesis on "Payments and Stablecoin Integration in Banking". He has since developed a reputation for blending deep research with clear explanations of complex blockchain topics. From interviewing tech founders to reporting on decentralized finance initiatives to interpreting complex charts and data; his mission is to make crypto accessible and trustworthy, enabling readers to navigate a constantly evolving digital landscape.
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