Chainlink (LINK) traders continue to display a surge in on chain activity in the context of the token’s significant price rise since September 18, 2023. Incidentally, the LINK price surge began just when reports of a major bank partnering with Chainlink for testing Cross-Chain Interoperability of Australian dollar stablecoin came out.
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Earlier, CoinGape reported that Chainlink wallets have been busy with transfer activity of around 71.8 million LINK tokens, leading to speculation on price surge. In the last few months, the blockchain has also been linked with a tokenization test partnership with the SWIFT banking system.
4 Million Chainlink LINK Transferred From Binance
On 24 September 2023, a big Ethereum whale made a transfer of 4 million worth $28 million. Interestingly, the LINK price took an impressive upward direction with a gain of 7% since the transfer was made. Does this mean traders were immediately interested in buying out the tokens? As of writing, the receiver address had an Ethereum (ETH) balance of 32,723 worth over $31 million.
Overall, these whale transfers make Chainlink currently one of the resilient altcoins at a time when Bitcoin price struggles to find pace above the $27,000 range. While the wider crypto ecosystem banks on developments around the spot Bitcoin ETF race for the next leg up, will LINK maintain price stability in the weeks ahead?
LINK Price Prediction
Extending the price uptrend since September 18, analysts predict that the altcoin’s pairing with Tether (USDT) would follow the path further until the beginning of October before taking a correction. Further to this, Rootlashbin predicts that the recovery if formed on top of the correction, only to maintain sideways path before a sharp rally sometime in November 2023.
Going by this estimation, LINK should be able to gain an almost 100% gain from the current range to reach $13 levels by the end of 2023.
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