Chainlink (LINK) has seen a remarkable increase in its value, fueled by the recent acquisition of World Liberty Financial (WLFI) and speculation about a potential partnership with Cardano.
Chainlink is showing promising signs as the cryptocurrency made a significant surge, pushing its price to over $26 per coin.
Chainlink Price Spikes by 30%
Experts believe that Chainlink has established a strong presence in the blockchain industry following a resurgence that lifted its value above previous lows, surpassing the March 2024 peak of $22.87.
Recent data indicates that the price of LINK rallied by 40% to reach $26.85 per coin, pushing its market capitalization close to $17 billion. In the past week alone, LINK has surged by 30%, as reported by Coingecko.
Industry observers have noted that surpassing the $22.87 resistance level has positioned LINK for a potentially bullish trend, with technical analysis suggesting a target price of $37.
The cup and handle pattern methodology indicates a high likelihood of Chainlink reaching this target, with analysts explaining,
โThe profit target for this pattern is calculated by measuring the depth of the cup and projecting the same distance upward from the breakout point.โ
WLFI Expands Token Holdings
One contributing factor to Chainlink’s upward trajectory is the acquisition of a significant number of tokens by WLFI, an entity linked to former President Trump.
According to Nansen, WLFI purchased around $4.6 million worth of LINK tokens, boosting their total holdings to over $6.6 million.
Speculation also surrounds the possibility of the US Securities and Exchange Commission (SEC) approving a Chainlink ETF in the future, with potential positive impacts from Trump’s crypto policies on these tokens.
Furthermore, WLFI reportedly holds Ethereum tokens worth $179 million, alongside other assets like USD Coin, Tether, Wrapped Bitcoin, AAVE, Ethena, and Tron, making their total portfolio value exceed $322 million.
Now that we have governance moving along really well, this year I’m going to focus deeply on three big themes for Cardano:
1) Bitcoin DeFi on Cardano (Market is 4 times the size of Ethereum and Solana combined)
2) 24/7 work on scalability, including Leios
3) Making Cardano aโฆโ Charles Hoskinson (@IOHK_Charles) January 18, 2025
Potential Cardano Collaboration
Rumors of an upcoming partnership between Chainlink and Cardano have also contributed to LINK’s price surge.
Founder of Cardano, Charles Hoskinson, hinted at a potential collaboration, emphasizing the importance of building new partnerships this year to strengthen Cardano’s ecosystem.
Hoskinson’s goal is to expand Cardano’s integration capabilities to create a more interconnected network. He mentioned having scheduled a meeting with Chainlink representatives for further discussions.
Featured image from CoinFlip.tech, chart from TradingView
