Chainlink price rises as Trump’s WLFI buys, potential Cardano partnership

Chainlink price continued its uptrend, reaching its highest level since Dec. 18 after Donald Trump’s World Liberty Financial bought more coins and exchange balances declined.

Chainlink (LINK) rose to $26.87, up 46% from its lowest level this year, bringing its market valuation to $16.7 billion.

Nansen data showed that World Liberty Financial, commonly known as WLFI, purchased additional LINK tokens worth $4.6 million. WLFI now owns over $6.6 million worth of Chainlink tokens.

WLFI also owns Ethereum (ETH) tokens worth $179 million, alongside other assets like USD Coin, Tether, Wrapped Bitcoin, AAVE, Ethena, and Tron. The total value of WLFI’s portfolio exceeds $322 million.

The Trump presidency could positively impact these tokens, as his administration will oversee regulatory developments. Trump has already created a crypto advisory council and nominated Paul Atkins to head the Securities and Exchange Commission.

For example, the SEC could potentially approve a spot Chainlink ETF if financial services companies submit applications.

Chainlink price also jumped after Cardano (ADA) founder Charles Hoskinson hinted at a potential collaboration. In a statement, Hoskinson said one of his goals for the year is to forge more partnerships and confirmed securing a meeting with Chainlink.

A collaboration could see Cardano and Chainlink working together in industries like decentralized finance and Real World Asset tokenization. 

Meanwhile, there are signs of more LINK tokens leaving exchanges. Data from Coinglass shows that Chainlink exchange balances have continued to fall, reaching their lowest levels since Dec. 20.

Chainlink price analysis

The daily chart suggests further LINK gains in the weeks ahead. LINK has broken above the crucial resistance level at $22.87, its March 2024 high, and the upper boundary of the cup and handle pattern.

Chainlink has also moved above the upper side of both the falling wedge and the bullish flag chart patterns, both of which are highly bullish indicators. Based on the C&H pattern, the coin is likely to target $37. The profit target for this pattern is calculated by measuring the depth of the cup and projecting the same distance upward from the breakout point.