LINK price continued its strong surge this week, rising to its highest level since January after the developers published the Chainlink Endgame vision and as whales continued accumulating.
Summary
- Chainlink published the Endgame document highlighting its vision for the future.
- Whales have continued the LINK accumulation this year.
- LINK was the most bought token by smart money investors in the past 24 hours.
Chainlink (LINK) token jumped to $28.85, up by 165% from its lowest level this year. Its 24-hour volume jumped to $2.9 billion, while its market capitalization hit $17.5 billion.
Chainlink Endgame launch
The main catalyst for the LINK price surge was the release of the Chainlink Endgame, a lengthy document detailing its vision and position in the blockchain industry.
At the core of its vision is becoming the industry-standard oracle platform that powers advanced blockchain transactions. It sees itself playing the role that Windows did for the PC industry, iOS for mobile, and AWS for the cloud industry.
Chainlink then hopes to power transactions in the trillions in industries like real estate, debt markets, stocks, and derivatives.
Chainlink also sees its technology helping financial institutions speed cross-border payments and reduce the cost of transactions through tokenization. It highlighted its partnership with UBS and SWIFT, a society that handles trillions of transactions.
The Chainlink Endgame document also highlighted how ANZ Bank and Fidelity used its technology to enable cross-chain settlement of CBDCs, stablecoins, and tokenized assets.
The document came a few weeks after Chainlink launched the Strategic LINK Reserves. In this, it has started channeling the fees it generates onchain and off-chain to accumulate LINK tokens. It has already bought tokens worth over $2.8 million since its launch.
Meanwhile, LINK was the most bought token by smart money investors in the last 24 hours. Nansen data shows that these investors bought tokens worth over $1.5 million in this period.
Whale investors have increased their LINK holdings by 66% in the last 30 days to 5.49 million, a sign that they expect it to keep rising.
Another potential catalyst is that at least one company may decide to file for a spot LINK ETF with the Securities and Securities and Exchange Commission.
LINK price chart analysis points to a surge ahead
The daily timeframe chart shows that the LINK price has been in a strong uptrend in the past few months. It has now moved to the third phase of the Elliott Wave pattern, which is normally the most bullish. Chainlink is also slowly forming a cup-and-handle pattern whose depth is 67%. As such, measuring the same distance from its upper side points to more gains to $52.
