On Monday, following a significant acquisition by the crypto firm World Liberty Financial (WLFI) associated with President Donald Trump, the cryptocurrency market witnessed a sharp surge in the price of Chainlink (LINK).
Trump's World Liberty Financial Drives LINK Price Up
According to Chinese journalist Wu Blockchain, World Liberty Financial purchased 220,000 LINK tokens in a series of rapid trades completed in just 15 minutes, totaling an impressive $5.63 million.
This strategic move was accompanied by additional acquisitions, including 13,000 Aave (AAVE) tokens worth $4.41 million and 37,267,000 TRON (TRX) tokens worth $8.86 million.
The buying pressure generated by these transactions led to a 44% increase in LINK's price over two weeks, with an immediate rise of more than 11% within just 24 hours.
However, despite this bullish momentum, LINK's price is still about 49% lower than the $52.70 all-time high achieved during the 2021 bull market, currently just above $26.
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 Doubled in Value
The Trump family's involvement in the crypto space has excited bullish LINK investors, reigniting confidence in the token's prospects.
Analyst Michael van de Poppe weighed in, noting that LINK recently experienced a standard 30% correction—this pattern has appeared more than 15 times in previous cycles. Nonetheless, van de Poppe expects Chainlink's price to rise, approaching $35 as market conditions stabilize.
Market expert Ali Martinez reported on Tuesday that more than 770,000 LINK tokens were significantly withdrawn from crypto exchanges, indicating growing investor confidence in LINK's potential and the upward trend observed over the past month.
Satoshi Flipper also expressed optimism about LINK's price action, token adoption, and future performance. He pointed out a descending wedge pattern that could propel LINK to a new all-time high, suggesting that doubling the price from current levels is feasible.
Flipper emphasized the importance of Chainlink in the broader cryptocurrency ecosystem, arguing that it would be a mistake to overlook the potential for further gains before reaching new highs.
Interestingly, Aixbt recently pointed out that LINK's monthly relative strength index (RSI) is currently at 67, close to the key level of 70 that previously triggered a 375% price surge.
This setup reflects the conditions that pushed the price from $3.50 to $20 in early cycles. If history repeats, this surge could push LINK towards the $124.80 mark, nearly tripling its current peak.
