Chainlink Whales Buy the Dip, Accumulating 3.58M LINK Worth $76.9M

• Chainlink whales have accumulated $76.9 million worth of LINK coins in just three days, indicating strong long-term bullish sentiment.
• Analysts predict LINK could reach $43.03 by January 2025, offering a 91% ROI with a further $81 projection by May 2025.

Following a strong rejection at $30 in mid-December, the Chainlink price has faced a strong correction of around 27% and is currently trading close to $21.50 support. However, despite this fall, LINK whales have been buying the dips in a massive accumulation.

Chainlink Whale Accumulation On The Rise

During the second half of December, Chainlink has been facing significant price retracement mirroring broader trends across the cryptocurrency market. However, this has given strong reason for whales to continue accumulation at every dip, per the CNF report.

As per blockchain analytics firm Santiment, Chainlink whales – those holding between 1 million and 10 million LINK – have made massive LINK purchases recently adding a staggering 3.58 million LINK tokens, valued at approximately $76.9 million, in just the past three days. This accumulation by big players shows that the market sentiment for LINK is strong despite the recent price dip.

Source: Santiment

Amid this huge whale accumulation, the overall market sentiment around LINK remains quite optimistic with strong rally expectations in January 2025. As reported by Crypto News Flash, some analysts also believe that the LINK price can rally all the way to $80 by the end of next year.

LINK Price Expectations in the Near Term and Long Term

As of press time, the LINK price is trading 1.5% up at $21.68 with a market cap of $13.83 billion. Currently, LINK bulls are trying to hold strong support at $21.5 levels. Analyst shows that the Chainlink price is currently trading under crucial 20-day and 200-day moving averages (MAs).

Source: Daniel.D

Should Chainlink succeed in breaking through these technical barriers, traders could see an opportunity for a 40% profit as the token aims to revisit its recent highs. In the near term, the market sentiment remains cautiously optimistic as LINK attempts to align with the altcoin sector’s upward trend.

However, the yearly outlook for LINK remains very much bullish. Price analysis from CoinCodex indicates that January could mark the beginning of a bullish recovery for Chainlink (LINK). The maximum projected price for LINK in January is $43.03, presenting a potential return on investment (ROI) of 91%. CoinCodex forecasts an average price of $35 for the month, a more conservative yet optimistic outlook for the asset.

Furthermore, analysts believe that LINK will deliver its strongest performance by May 2025 with projections of $63 for the month, with a potential low of $37.11 and a high of $81.83. If LINK reaches its projected high, it will represent an impressive return on investment (ROI) of over 268% from its current levels.