• Two crypto whales recently swapped $5.72 million in exchange for 788,877 Chainlink (LINK) tokens, leading to a 15% surge in LINK’s price.
• Cross-chain Interoperability Protocol (CCIP) was launched by Chainlink in Aug. 2021, enabling seamless and cost-effective value exchange between distributed ledgers.
• According to CryptoFaibik, LINK’s price could experience a significant increase of 260% to 280% in the midterm with the possibility of a Falling Wedge Breakout.
Major Moves from Crypto Whales Cause Chainlink Price Surge
Two cryptocurrency whales have acquired a substantial amount of Chainlink (LINK). As a result of the token swap worth $5.72 million, LINK price soared 15%. The two whales purchased 788,877 LINK tokens at an average price of $7.25 each. This strategic acquisition has caused speculation and intrigue amongst the crypto community as it could lead to further increases in LINK’s price over the coming months.
Chainlink Enabling Cross-Chain Interoperability
In August 2021, Chainlink launched its Cross-chain Interoperability Protocol (CCIP). This protocol facilitates seamless and cost-effective value exchange between distributed ledgers on different blockchains. Furthermore, SWIFT partnered with Chainlink and other financial organizations in June this year to extend blockchain interoperability efforts. In addition, Chainlink released its Q2 2023 product update which highlighted their focus on data, computing and cross-chain capabilities.
Potential Profit From Falling Wedge Breakout
The 24 hour trading volume for LINK stands at $1.5 billion with circulating supply of 538 million LINK tokens and market capitalization of $4.3 billion . Currently ,the price of LINK is trading around resistance level with strong support observed at around $6.6 . According to CryptoFaibik , if the Falling Wedge Breakout occurs ,it could lead to a surge in price potentially up to 260%-280% profit potential in the midterm .
Conclusion
The recent acquisitions by crypto whales have sparked speculation about further increases in Link prices over time due to their strategic timing .Moreover ,with CCIP facilitating value exchange between distributed ledger systems on different blockchains ,Falling Wedge Breakout could potentially lead up to 260%-280 % profit potential for investors investing mid-term .