Whales Strengthen Their Position on Chainlink
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.
Increased Market Activity: Sign of an Upcoming Move
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.
LINK Faces Decisive Resistance
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.
How to Buy Chainlink on Bitget?
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:
- Registration: Create an account on Bitget and complete KYC verification for enhanced security.
- Deposit Funds: Fund your account with fiat (via bank transfer or card) or cryptocurrencies like USDT or BTC.
- Access the Spot Market: Search for the LINK/USDT or LINK/BTC pair in Bitget’s spot market.
- Using GetAgent: Activate the GetAgent AI tool from the trading dashboard. Indicate the amount to invest, and GetAgent will analyze Chainlink’s market trends, volatility, and technical data (such as vertical accumulation or support at $31) to suggest the best buying times, for example during support tests.
- Place an Order: Choose a market or limit order, validate GetAgent’s recommendations, and confirm your Chainlink purchase.
On the same topic:
