Chainlink (LINK) Price: Breaks Multi-Year Resistance as Whale Accumulates $6.68M

TLDR

• LINK reached $26.90 on Dec 2, its highest price since January 2022 (1,057-day high)
• Price surged 67% in November and additional 30% in early December
• Major whale accumulated $6.68M worth (269,861 LINK tokens)
• Trading volume increased 930% with futures open interest up 58%
• Technical indicators suggest continued bullish momentum toward potential $37.93 target

The price of Chainlink (LINK) has reached its highest level in nearly three years, touching $26.90 on December 2, 2024. This marks a substantial increase from its August low of $8.08, representing a 130% gain for investors who bought at those prices.

A notable development driving recent price action occurred when a major cryptocurrency investor, known as a “whale” in market terms, made a large purchase. Data from Debank.com shows that on December 3, a single wallet address (0x73d3) bought 269,861 LINK tokens, worth approximately $6.68 million at current prices.

This large purchase was split between different trading venues. The investor acquired 107,838 coins through decentralized exchanges at an average price of $24.10, spending $2.6 million. The remaining 162,024 coins were purchased through Binance, one of the largest cryptocurrency exchanges, at a cost of $4.08 million.

The month of November proved particularly strong for Chainlink, with the price climbing 67%. This upward momentum continued into December, with an additional 30% increase in the first few days of the month. The sustained price rise has caught the attention of market participants, leading to a massive surge in trading activity.

Trading volumes paint a picture of growing market interest. In a single day, Chainlink’s trading volume increased by 930%, showing that many more buyers and sellers are actively trading the token. This increased activity often indicates strong market sentiment and can lead to continued price movements.

Chainlink Price on CoinGecko

The futures market, where traders can bet on future price movements, has also seen increased activity. Data from Coinglass reveals that open interest in Chainlink futures rose 58% to reach $704.92 million. The derivatives trading volume jumped 451% to $5.04 billion, suggesting traders are positioning themselves for potential future price movements.

Technical analysis of price charts shows that Chainlink broke through several important price levels that had previously acted as resistance. The current price represents the highest level since January 2022, marking 1,057 days since LINK traded at these prices.

Looking at weekly price movements, Chainlink’s rise from its August bottom started gradually but picked up speed after creating a higher low in early November. Technical indicators on the weekly timeframe suggest continued strength, with the Relative Strength Index (RSI) breaking above 70, a level that historically preceded strong price movements in the 2020/2021 market cycle.

Market analysts are watching several key price levels ahead. The next major resistance level sits at $33.72, determined by both historical price action and technical analysis tools. Some analysts suggest a minimum target of $37.93 based on wave analysis patterns.

The price movement coincides with positive developments in Chainlink’s business operations. On December 2, the Chainlink team announced that 21x would adopt the Chainlink standard, adding to the project’s growing list of partnerships and integrations.

We're excited to announce Europe’s first tokenized securities trading & settlement system—21X (@tradeon21x)—is adopting the #Chainlink standard.

Price Feeds will underpin 21X’s trading engine & CCIP will connect it to assets across the onchain economy: https://t.co/ACGrBKuduL pic.twitter.com/BYKSBGUFp8

— Chainlink (@chainlink) December 2, 2024

Daily price charts show what technical analysts call a 1-2/1-2 wave formation, a pattern that often precedes accelerated price movements. The absence of bearish divergence in technical indicators suggests room for further upward movement before any major corrections might occur.

The futures market data provides additional context for trader sentiment. The sharp rise in open interest indicates that more capital is flowing into Chainlink futures contracts, while the increased derivatives volume shows active trading and position-taking by market participants.

Trading data from both centralized and decentralized exchanges shows balanced buying pressure across different trading venues. The whale purchase being split between DEX and CEX platforms suggests careful execution to minimize price impact while accumulating a large position.

Market statistics show the trading volume reached particularly high levels during this price rise, with intraday gains reaching nearly 28% at points. The price ranged between $19.02 and $26.50 during recent trading sessions, showing increased volatility alongside the upward price movement.

The daily trading patterns show consistent buying pressure, with each new high being followed by relatively shallow pullbacks, indicating strong market support at current price levels.

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