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The price of LINK, the token of the oracle blockchain Chainlink, is trading at two-year highs.
At the time of writing, Chainlink (LINK) price is trading at $28.3, with daily gains of 1.03%, weekly gains of 15%, and impressive monthly gains of 123%.
The last time the price reached these levels was in October 2022. The token is still quite far from its all-time high of $52.88 in May 2021.
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What is driving LINK price to yearly highs?
The main factor related to the rise of LINK is the purchase made by World Liberty Financial, the DeFi platform run by Eric Trump and Donald Trump Jr (sons of President Trump).
Precisely, on December 11, World Liberty Financial bought $1 million worth of LINK, equivalent to 41,335 tokens.
This purchase was accompanied by acquisitions of Aave and Ethereum, according to Spot On Chain:
World Liberty Financial, owned by the president-elect of the United States, Donald Trump, has acquired a total of 2,631 ETH, 3,357 AAVE and 41,335 LINK in the last 10 hours. This is the fund’s first purchase of AAVE and LINK.
The optimism generated by this purchase drove large buyers towards LINK and demonstrated once again the weight and influence that the Trump surname has in this industry.
In other positive news for Chainlink, Coinbase has recently integrated Chainlink’s Cross-Chain Interoperability Protocol (CCIP) into its Project Diamond initiative. This integration allows for seamless token management between different blockchain chains.
The CCIP facilitates the transfer of tokens and communication between smart contracts across multiple blockchain networks. This is useful for institutions that need to comply with strict regulations and influences the price.
LINK Price Chart Analysis – Key Levels to Consider
In the price charts of this token, the first thing that “comes to light” is that its rally actually began on November 5 (US election day), starting from $10. Since then it has almost tripled in price..
Analysis of LINK charts with key levels to consider. Source: TradingView
Given this great rebound, major corrections are not long in coming and no wonder, due to the size of the rise. So traders should pay attention to the following key levels.
Firstly, the resistance that exists at $30.9. If the token manages to break through this line, and establishes itself above USD 30, then it could seek to exceed USD 35 and subsequently USD 40. Staying one step away from its all-time high.
However, and as we already expressed, traders must be attentive to large corrections, which, each time the price rises, are more feasible due to the size of the rise.
For this it will be useful to keep an eye on the following support levels:
Firstly, the $26.6 line or the 20 EMA, which is in line with the daily rally. Subsequently, we have the 22 USD line or the 100 EMA, a level that coincides with rebounds from past days.
However, the price will not find really solid support until $19.98, quite close to the 200 EMA.
For now, the RSI at 59 points reflects slight control by the bulls. The indicator seems to point towards LINK neutrality.
Other information to keep in mind about LINK
Notably, in a press release, World Liberty Financial outlined the reasons why Chainlink was chosen, highlighting this network’s ability to offer solutions to critical on-chain interoperability, data and security issues.
These statements are “weighty words” and their effect on the price reflects the great influence that the Trump surname has in the crypto sector.
On the other hand, and to mention other relevant data, it is worth noting that Chainlink’s open interest (OI) has reached a record of $770.27 million, according to Glassnode.
The OI is a measure of the total volume of open futures contracts and represents the amount of money investors have bet on the future of the asset. Therefore, a high OI indicates a high level of interest and market participation in LINK.
Finally, it should be noted that World Liberty Finance funds already amount to more than $60 million and DeFi tokens predominate in said portfolio, with ETH predominating as the main asset in which this platform has invested.
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