Chainlink's (LINK) price is at a crucial juncture, with whales accumulating and technical signals indicating a pivotal battle between buyers and sellers. The big question remains: Will LINK skyrocket towards $31... or dangerously slide towards lower levels?
Over the past 48 hours, whales have purchased 1.25 million Chainlink (LINK). This indicates aggressive accumulation during a period of intense market activity. Exchange outflows have also shown a recent decrease of $1.84 million. These confirm that few tokens are available for trading. This reduction in liquid supply creates favorable conditions for a potential price increase.
The weekly chart analysis of Chainlink reveals a rounded bottom formation, suggesting an accumulation phase followed by a bullish breakout attempt. The MACD has remained in a positive orientation, reinforcing the upside potential toward the supply zone from $28 to $32. Beyond that, targets at $31.57, $39.45, and even $44.32 are identified according to Fibonacci levels.
Spot market activity for LINK has significantly increased, indicating growing market engagement. Buyers are actively positioning themselves while sellers are exercising caution, which could potentially lead to increased volatility and unpredictable price movements. This dynamic often reveals an upcoming bullish momentum.
Liquidation data reveals that short sellers are being forced to exit their positions. They have a positive balance of $180,000 in recent liquidations compared to just $14,000 for long positions. This dynamic is likely to create a “short squeeze” effect, further fueling upward pressure on LINK’s price.
Whale accumulation, reduced exchange supply, increasing spot market activity, and short liquidations create a solid bullish context for Chainlink. However, resistance in the $28 to $32 supply zone remains a critical obstacle to watch. If buyers manage to break through it, the potential for an upward move toward $31, or even $40, would be significantly strengthened.
Chainlink could experience a rise toward new highs in the coming months. Follow these steps to acquire LINK and optimize your trades with GetAgent, Bitget’s AI trading agent:
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