Chainlink Price Prediction: Top 3 Reasons To Buy LINK

Key Insights

• Chainlink price prediction analysis showed a whale withdrew 265,132 LINK tokens worth $2.38 million from Binance.
• Spot Chainlink ETFs in the US have now gone more than four months without a single day of net outflows.
• Chainlink price action eyes further appreciation as the blockchain partners with S&P Global to integrate Stablecoin Stability Assessments on-chain.

Chainlink (LINK) has emerged to be among the leading institutional tokens thanks to its CCTP infrastructure that is helping in onboarding. Most institutions were using Chainlink for tokenization, among other use cases, making the altcoin an opportune long-term buy.

The recent market reactions alongside on-chain activity suggested why traders should choose Chainlink. Among them were whale accumulation, spot ETF inflows, and partnership with S&P Global. But are these enough to fuel future price growth?

Whale Accumulates LINK Tokens

Whales have returned to trading Chainlink following the recent rebound in the broader crypto market. The entire crypto market jumped by more than 5% over the past seven days, though LINK was not among the strongest coins. The altcoin managed returns of only 5% this week, matching the broader market.

As per Onchain Lens, a whale bought 265,132 LINK tokens worth $2.38 million and withdrew them from Binance. The action suggested an accumulation pattern consistent with the whale who also bought a small portion of Ethereum (ETH). Previously, such exchange withdrawals happened just before price appreciation.

The spot accumulation adds to the existing leveraged longs that have been accumulating since mid-March, when the crypto markets began to bounce. This combination could push LINK’s price higher, especially if markets continue to gain strength.

Spot Chainlink ETFs In A 120-Day Positive Inflow Streak

Additionally, Spot Chainlink ETFs displayed the strongest inflows in history. That is, over the past four months, Chainlink ETFs in the US have had inflows without a single day of outflows. The cumulative net inflow hit $99.9 million even if some days were quiet.

The two LINK ETFs, that is, Grayscale’s GLNK and Bitwise’s CLNK, both on NYSE held about 1.4% of the altcoin’s market cap. The daily total net inflow was more than $568K on April 10.

The assets under management (AUM) were more than $93 million at the time of writing. Grayscale accounted for $84 million, while Bitwise had a cumulative net inflow of $16 million.

Before the closure of trading activities, Grayscale had a daily volume of $171K, which was more than 10x that of Bitwise at $14K.

The whale accumulation and positive inflows from the spot LINK ETFs suggested the altcoin may be entering a bull phase. Does Chainlink price prediction analysis suggest the same?

Chainlink Price Prediction: Will LINK Price Trend Higher?

Looking at the daily chart for LINK price showed a sideways consolidation that had been in place since the start of February. The range of movement kept LINK’s price between $7.90 and $9.90, as most altcoins were consolidating.

A breakout to the upside would suggest a bullish continuation with resistance at around $12. On the other hand, breaking below the range would worsen the bear market conditions. Hence, Chainlink’s price would drop to around $7.15, which would be the lowest point since this consolidation began.

Reclaiming $12 would set $15 as the next hurdle for further price appreciation. That way, it would mean the altcoin is trending higher if the upward movement is sustained.

While the price action was depicting a potential bottom, the Chainlink was expanding. As per the CMC TLDR, the oracle partnered with S&P Global to integrate Stablecoin Stability Assessments. Additionally, trading of gold and silver on-chain was enhanced. These integrations increased the trading activities on the chain, which was bullish for the native token, LINK.

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