Chainlink (LINK) has experienced a significant increase in its price, which analysts are attributing to the additional acquisition of World Liberty Financial (WLFI) and rumors of a brewing partnership with Cardano.
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chain link Could be a good start as the crypto token was able to pull off a huge run that took the coin from its all-time low to $26 per coin.
Chainlink 30% price increase
Analysts said that ChannelLink has successfully established itself in the blockchain landscape after breaking through a slump that saw the token hit its lowest level this year and gain momentum to surpass the March 2024 high of $22.87.
The data shows that the price of the crypto token increased by 40% to $26.85 per coin. A subsequent rally also pushed the market capitalization to around $17 billion. Meanwhile, LINK was 30% more Shows data from Koingeco, over the last seven days.
Market observers noted that LINK’s gains to reach $26.87 have allowed the token to cross the resistance level of $22.87, which some analysts have suggested that the token is moving towards a very bullish position.
The cup and handle pattern method has shown that there is a high probability that Chainlink will reach its target of $37, which one analyst points out,
“The profit target for this pattern is calculated by measuring the depth of the cup and projecting the same distance upwards from the breakout point.”
WLFI acquired more tokens
One of the reasons seen by crypto analysts as pushing the price of ChannelLink upwards is the Trump-linked WLFI which has purchased a significant number of tokens.
Accordingly NansenApproximately $4.6 million worth of LINK tokens were acquired by WLFI, increasing their ChainLink holdings to over $6.6 million worth of tokens.
Some analysts point to the possibility of the US Securities and Exchange Commission (SEC) approving a ChannelLink ETF, if an application is submitted, noting that Trump’s crypto Policy can positively affect these tokens.
Additionally, the data shows that WLFI holds $179 million worth of Ethereum tokens along with other assets such as USD coin, Tether, Wrapped Bitcoin, AAVE, Athena, and Tron. It is estimated that WLFI has a portfolio valued at over $322 million.
Now that we have governance really well underway, this year I’m going to focus deeply on three big themes for Cardano:
1) Bitcoin DeFi on Cardano (the market is 4 times the size of Ethereum and Solana combined)
2) Work 24/7 on scalability including Leos
3) Making Cardano…— Charles Hoskinson (@IOHK_Charles) January 18, 2025
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Potential Cardano partnerships
Another factor that contributed to the increase in the price of channel link is the rumor Cardano The token will have a partnership deal.
No less than Cardano’s founder, Charles Hoskinson, hinted that a potential support ongoing, saying that they are looking to forge more partnerships this year.
According to Hoskinson, one of his goals this year is to make Cardano “not an island, but a peninsula.”
“Integration, integration, integration. There’s already a meeting with ChannelLink on the books,” Cardano’s founder said in a post.
Featured image from CoinFlip.tech, chart from TradingView
