A crypto analyst says deep-pocketed investors are gobbling up the decentralized oracle network Chainlink (LINK) as the project reveals its focus for next year.
Citing a chart from the analytics firm Santiment, crypto trader Ali Martinez tells his 38,200 followers on the social media platform X that the whale purchases could prime LINK for a price jump.
[adinserter block="1"]According to Martinez, crypto whales holding between 100,000 and one million Chainlink bought seven million LINK worth more than $105 million in just one week.
“This substantial buying spree suggests a growing confidence among major players in LINK.”
The crypto analyst also notes that his short-term price target for LINK is $20. The 15th-ranked crypto asset by market cap is trading at $15.87 at time of writing.
LINK is already up more than 194% since the start of 2023.
The project’s gains materialized this year amid both a wider crypto uptrend and new technical milestones.
In July, Chainlink launched its Cross-Chain Interoperability Protocol (CCIP), which aims to provide an easy way to build cross-chain applications and services and provide simplified token transfers.
Kemal El Moujahid, the chief product officer at Chainlink Labs, says in a recent blog that the project plans to focus on the CCIP in 2024.
“As we look to 2024, we aim to accelerate the pace of development to build on this progress in order to meet the demands of our users in these new markets.
We will heavily prioritize CCIP to meet the demand fueled by the massive trend of capital markets moving onchain and transitioning from proof of concept to production. This is fueled by tokenized real-world assets (RWAs), which are set to exponentially grow the value of on-chain economies. And of course, we are working to enable every token, DApp (decentralized application) and external system to be able to seamlessly and securely move messages and assets cross-chain.”
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