Chainlink (LINK) outperforms the top 10 crypto projects by market cap. LINK is green across the board, while other cryptocurrencies, such as Solana (SOL) and XRP, are in the red zone. The asset is up 1.4% in the daily charts, 21.6% in the weekly charts, 64.6% in the 14-day charts, and 120.3% over the previous month. LINK’s price has also risen by 106.3% since December 2023.
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Why Is Chainlink Rallying?
LINK has witnessed an increase in whale purchases. According to LookOnChain, a whale wallet spent $4.94 million to buy 175,424 coins on Dec. 12, 2024. LINK’s price breached the $30 mark earlier today. Open interest in the project hit a high of $860 million.
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The surge could be due to World Liberty Financial increasing its LINK holdings. US President-elect Donald Trump backs World Liberty Financial. Trump’s pro-crypto stance has led to a significant increase in investor confidence.
There is also a lot of speculation about BlackRock partnering with Chainlink to tokenize its securities. The move could lead to a significant price spike for the asset.
Will The Asset Hit a New All-Time High?
Chainlink (LINK) is currently down by more than 45% from its all-time high of $52.70. The asset hit its peak on May 10, 2021, more than three years ago.
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According to CoinCodex, LINK will continue its rally over the next few months. The platform anticipates the asset will reclaim its previous peak on Feb.13, 2025. CoinCodex predicts LINK will continue rallying, hitting a high of $64.25 on Feb. 21, 2025. Hitting $64.25 from current price levels will translate to a rally of about 121.55%.
