- $LINK price hit $27 after 770K tokens were withdrawn from exchanges.
- Chainlink’s 51% rally attributed to Trump’s endorsement via WLFI.
- Technical indicators suggest further price growth for $LINK.
Chainlink’s market activity saw a major shift on January 20, 2025, with over 770,000 tokens withdrawn from exchanges. This withdrawal coincided with a dramatic price surge, suggesting a bullish market sentiment potentially fueled by Trump’s influence and institutional support.
$LINK Tokens Withdrawn from Exchanges
Over 770,000 Chainlink ($LINK) tokens were withdrawn from exchanges on January 20, 2025, according to on-chain data. This spike in withdrawals signals an increase in market activity, with possible shift of investors to long-term holdings. The data, sourced from Santiment, highlights a direct correlation between exchange outflows and LINK price fluctuations.
Chainlink’s price surged to around $27 following the withdrawal of 772,140 tokens. This price movement coincides with a 51% price increase from January 13 to January 20, when LINK rose from $17.80 to $27. The correlation between these withdrawals and price growth suggests that large token transfers may influence investor sentiment.
Moreover, Chainlink has seen significant capital inflows in the past week which further boosted its price.Over the same period, Solana and XRP also experienced positive market reactions, but Chainlink has emerged as one of the leading performers. This growth is partly attributed to the endorsement from entities connected to Donald Trump, further boosting market confidence.
Trump has backed Chainlink through World Liberty Financial (WLFI), a company that aims to foster DeFi investments. WLFI’s adoption of Chainlink’s data integration standard has strengthened LINK’s market position. Furthermore, WLFI’s recent purchase of $4.7 million worth of LINK tokens has further solidified investor confidence.
The market response to these developments has been positive even as Chainlink attracts more long-term investments. Analysts predict that the price of LINK could increase further if it holds its current price support at $25. However, failure to maintain support levels could lead to a retest of lower price levels.
Chainlink’s technical indicators suggest an optimistic outlook, with the Parabolic SAR and Bollinger Bands signaling upward momentum. The narrowing price range near the upper band reflects heightened volatility, while the blue dots beneath the candles support the upward trend. The strong bullish pressure, as indicated by the BBP, suggests that LINK could continue its upward movement.
Chainlink remains a point of focus even as the broader crypto market shifts in response to high-profile endorsements and market activity . Traders continue to closely monitor volume spikes and key technical levels to gauge the direction of LINK’s price. LINK’s price may continue to rise, possibly targeting the $30 mark due to the WLFI support and positive market sentiment.