This material is also available in Spanish.
Chainlink (LINK) has seen a significant rise in its price, which analysts attribute to the additional acquisition of World Liberty Financial (WLFI) and rumors of a brewing partnership with Cardano.
Related reading
Chain link It could be a good start as the crypto token was able to make a big run that pushed the coin from its lows to reach over $26 per coin.
Chainlink prices rise by 30%
Chainlink has successfully positioned itself in the blockchain scene after breaking a slump that saw the token hit its lowest level this year and gaining momentum to surpass its March 2024 high of $22.87, analysts said.
Data showed that the price of the cryptocurrency rose by 40% to $26.85 per coin. The rally from the back also pushed the market cap to nearly $17 billion. Meanwhile, LINK up to 30% For the past seven days, data from Coinjiku shows.
Market watchers noted that LINK’s gains of $26.87 allowed the token to surpass the $22.87 resistance level, which some analysts indicated the token could be moving toward a very bullish state.
The cup and handle pattern showed that there is a high probability that Chainlink will reach its target of $37, as one analyst explains,
“The profit target for this pattern is calculated by measuring the depth of the cup and projecting the same distance up from the breakout point.”
WLFI gains more tokens
One of the reasons that cryptocurrency analysts saw as pushing Chainlink’s price to the upside was the Trump-linked WLFI which bought a large number of tokens.
according to NansenWLFI acquired approximately $4.6 million worth of LINK tokens, boosting its Chainlink holdings to over $6.6 million worth of tokens.
Some analysts have indicated the possibility of the US Securities and Exchange Commission (SEC) approving the Chainlink ETF if an application is submitted, noting that… Trump encryption Politics can positively influence these symbols.
Furthermore, data showed that WLFI owns $179 million worth of Ethereum tokens along with other assets such as USD Coin, Tether, Wrapped Bitcoin, AAVE, Ethena, and Tron. It is estimated that WLFI has a portfolio worth more than $322 million.
Now that governance is going really well, this year I’ll be focusing deeply on three main themes for Cardano:
1) Bitcoin DeFi on Cardano (market size is 4 times the size of Ethereum and Solana combined)
2) Working 24/7 on scalability, including Leios
3) Make Cardano…– Charles Hoskinson (IOHK_Charles) January 18, 2025
Related reading
Potential Cardano partnership
Another factor contributing to the rise in Chainlink prices is the rumor that Cardano It will have a partnership deal with the token.
No less than Cardano founder, Charles Hoskinson, has hinted at this possibility cooperation are in the works saying they are looking forward to building more partnerships this year.
According to Hoskinson, one of his goals this year is to make Cardano “a peninsula, not an island.”
“Integration, integration, integration. I have already had a meeting with Chainlink about the books,” the Cardano founder said in a post.
Featured image from CoinFlip.tech, chart from TradingView
