WLFI Pushes Chainlink 30% Higher
Chainlink (LINK) has seen a significant price increase, which analysts attribute to additional acquisitions of World Liberty Financial (WLFI) and rumors of a brewing partnership with Cardano.
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chain link It might be off to a good start as the crypto token was able to post a massive rally, pushing the coin from its lowest levels to over $26 per coin.
Chainlink price surges 30%
Analysts said Chainlink managed to carve out a niche in the blockchain space by breaking the coin’s slump to its lowest levels this year and gaining momentum above its March 2024 high of $22.87.
Data shows that the price of the crypto token surged 40% to $26.85 per coin. This reversal and rebound also pushed the market value to nearly $17 billion. Meanwhile, LINK up 30% Data from Coingecko shows that over the past seven days.
Market watchers noted that LINK’s rise to $26.87 pushed the coin above the $22.87 resistance level, with some analysts suggesting that the coin may be heading towards highly bullish conditions.
The cup-and-handle pattern approach shows Chainlink has a good chance of reaching its $37 target, one analyst explains,
“The profit target for this pattern is calculated by measuring the depth of the cup and projecting the same distance upward from the breakout point.”
WLFI gets more tokens
Cryptocurrency analysts believe that one of the reasons driving Chainlink’s price increase is the large number of token purchases by the Trump-related WLFI.
according to NansenWLFI acquired approximately $4.6 million worth of LINK tokens, increasing the number of Chainlink tokens they hold to more than $6.6 million.
Some analysts have pointed out that the U.S. Securities and Exchange Commission (SEC) may approve the Chainlink ETF if an application is submitted, noting Trump’s Cryptocurrency Policies may have a positive impact on these tokens.
Additionally, data shows that WLFI holds $179 million worth of Ethereum tokens as well as other assets such as USD Coin, Tether, Wrapped Bitcoin, AAVE, Ethena, and Tron. WLFI’s investment portfolio is estimated to be worth more than $322 million.
Now that our governance is progressing very well, I will be focusing in depth on three major themes in Cardano this year:
1) Bitcoin DeFi on Cardano (market size is 4 times that of Ethereum and Solana combined)
2) 24/7 dedicated to scalability, including Leios
3) Let Cardano be…— Charles Hoskinson (@IOHK_Charles) January 18, 2025
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Possible Cardano Partnerships
Another factor causing Chainlink’s price surge is rumors: cardano A partnership will be reached with the token.
Cardano founder Charles Hoskinson hints at potential cooperate is ongoing and said they hope to form more partnerships this year.
Hoskinson said one of his goals this year is to make Cardano “a peninsula rather than an island.”
“Integration, integration, integration. Already met with Chainlink,” the Cardano founder said in a post.
Featured image from CoinFlip.tech, chart from TradingView
