On Monday, the cryptocurrency market witnessed a significant surge in Chainlink (LINK) prices following a remarkable acquisition by World Liberty Financial (WLFI), the crypto venture associated with President Donald Trump.
Trump’s World Liberty Financial Propels LINK Price Up
In a series of rapid transactions completed within just 15 minutes, World Liberty Financial purchased 220,000 LINK tokens, totaling an impressive $5.63 million, according to Chinese reporter Wu Blockchain.
This strategic move was accompanied by additional acquisitions, including 13,000 Aave (AAVE) tokens valued at $4.41 million and 37.267 million TRON (TRX) tokens worth $8.86 million.
The buying pressure generated by these transactions contributed to a notable 44% uptrend in LINK’s price over a two-week period, with a more immediate increase of over 11% within just 24 hours.
But despite this bullish momentum, LINK’s price remains approximately 49% below its all-time high of $52.70, achieved during the 2021 bull run as it is currently hovering little over above the $26 mark.
In a social media post on X (formerly Twitter), WLFI detailed these acquisitions, stating that they were made to commemorate the inauguration of Donald J. Trump as the 47th President of the United States.
The post highlighted additional purchases, including $47 million in Ethereum (ETH), $47 million in wrapped Bitcoin (wBTC), and similar amounts in AAVE, LINK, TRX, and Ethena (ENA).
How Chainlink Could Double In Value
The involvement of the Trump family in the crypto space has sparked excitement among bullish LINK investors, fostering renewed confidence in the token’s prospects.
Analysts like Michael van de Poppe have weighed in, noting that LINK has recently experienced a standard 30% correction—a pattern seen more than 15 times in previous cycles. Despite this, van de Poppe anticipates an upward price movement for Chainlink toward the $35 mark as market conditions stabilize.
Adding to the positive sentiment, market expert Ali Martinez reported a significant withdrawal of over 770,000 LINK tokens from crypto exchanges on Tuesday, suggesting that investors are increasingly confident in LINK’s potential and a possible continuation of the uptrend observed over the past month.
Satoshi Flipper also chimed in on LINK’s price action, expressing optimism about the token’s adoption and future performance. He noted the emergence of a falling wedge pattern that could propel LINK toward its all-time high, suggesting that a price doubling from current levels is feasible.
Flipper emphasized the importance of Chainlink in the broader cryptocurrency ecosystem, arguing that dismissing the potential for further gains before reaching new highs would be a mistake.
Interestingly, Aixbt recently pointed out that LINK’s monthly Relative Strength Index (RSI) is currently at 67, approaching the critical 70 level that previously triggered a dramatic 375% price surge.
This setup mirrors the conditions that drove the price from $3.50 to $20 in an earlier cycle. If history were to repeat itself, such a surge could push LINK toward the $124.80 mark, nearly tripling its current peak.
Featured image from DALL-E, chart from TradingView.com
Source: NewsBTC