Chainlink (LINK) has been experiencing a surge in on-chain activity, coinciding with a significant price increase since September 18, 2023. This surge in LINK’s price began when reports emerged about a major bank partnering with Chainlink to test the cross-chain interoperability of an Australian dollar stablecoin.
Additionally, a substantial transfer of 4 million LINK tokens, worth $28 million, was made by a large Ethereum whale on September 24, 2023. Interestingly, the price of LINK experienced a 7% increase following this transfer, suggesting immediate interest from traders looking to acquire the tokens.
As of the time of the transfer, the receiving address had an Ethereum (ETH) balance of 32,723, valued at over $31 million. This increased activity makes Chainlink one of the more resilient altcoins, especially when Bitcoin’s price has been struggling to maintain momentum above the $27,000 range.
Chainlink’s Recent Surge: Major Developments and Token Transfers
Regarding LINK’s price prediction, analysts anticipate that the altcoin, paired with Tether (USDT), will continue its upward trend until the beginning of October before undergoing a correction. After this correction, some predict a recovery and a period of sideways movement before a sharp rally, possibly in November 2023. This estimation suggests that LINK could potentially achieve nearly a 100% gain from its current level, reaching around $13 by the end of 2023.
It’s important to note that cryptocurrency markets are highly speculative and volatile, and price predictions should be taken with caution as they are subject to change based on various factors and market dynamics.