ChainLink（LINK） price reclaims $24, up over 13% in past 24 hours

ChainLink（LINK） price reclaims $24, up over 13% in past 24 hours

ChainLink (LINK) has seen a significant rebound, reclaiming the $24 mark and rising by over 13% in the past 24 hours. This notable surge is attributed to several key factors, including increased whale activity and a decrease in exchange balances, which indicate a tightening of market liquidity.

The ChainLink price hit highs of $24.07, rising by more than 8% to reach a six-month high. This upward momentum comes as the Chainlink total value secured (TVS) has jumped by 90% year-to-date, surpassing $93 billion [1]. The launch of Chainlink Data Streams and Reserve has also contributed to the bullish sentiment, as these initiatives aim to create a strategic onchain reserve for LINK [2].

The recent price action is underpinned by compelling on-chain data. According to Santiment, whale activity spiked, with transactions involving large holders surging to 713 per day. Additionally, exchange balances fell by approximately 10%, indicating a substantial amount of LINK was moved off exchanges into private wallets [3]. These factors suggest increasing demand and decreasing supply, a classic recipe for price appreciation.

Chainlink's recent partnership with Intercontinental Exchange (ICE), the parent company of the New York Stock Exchange, further underscores its potential. This collaboration aims to enable real-time, onchain pricing data for foreign exchange and precious metals [1]. The introduction of these initiatives and the ongoing accumulation of LINK tokens by whales and the Chainlink Reserve have bolstered investor confidence.

The combination of strong fundamentals, positive market sentiment, and a tightening of market liquidity positions ChainLink for further upward movement. As the decentralized oracle leader, ChainLink continues to build its reputation and utility within the broader crypto market trends.

References:
[1] https://crypto.news/chainlink-price-hits-6-month-high-as-tvs-surpasses-93b/
[2] https://coinpedia.org/news/chainlink-whales-load-up-97m-in-august-link-price-to-hit-95-next/
[3] https://bitcoinworld.co.in/chainlink-price-surge-24/