Chainlink is regaining momentum, sparking market enthusiasm once more. With a rally driven by substantial whale activity, the LINK token could soon target $23. Is this surge sustainable or just a flash in the pan ? Stay tuned for our in-depth analysis.
Recent data has revealed that whales have accumulated more than 8 million LINK tokens over the past month. This sustained activity from large investors has coincided with a significant price increase for Chainlink, which has risen from $12.33 to $19.40, representing a gain of over 58%.
This bullish momentum has enabled LINK to break through several important technical resistances. Notable among these are a descending trendline and a key horizontal level at $18, which has historically acted as a turning point.
AMBCrypto’s technical analysis shows that LINK has recently broken and successfully retested a bullish double bottom pattern. This paves the way for a significant price increase. If this positive momentum continues, LINK could surge by nearly 20% and reach $23 in the near future. However, this will only be possible if market sentiment remains stable and the asset maintains its position above the $18 threshold.
Source: IntoTheBlock
Meanwhile, LINK’s RSI currently sits at 82, indicating that the asset is in overbought territory. This could potentially lead to a correction in the coming days. Nevertheless, the sustained activity from whales suggests that bulls are currently dominating the market.
With increased whale activity, positive technical signals, and growing investor interest, Chainlink appears poised for a new upward phase. However, investors will need to closely monitor market developments and movements of large holders to anticipate future trends for LINK. If the bullish momentum is maintained, a rebound beyond $23 could well materialize in the coming weeks.
Here’s a simplified guide to obtaining the token on Bitget :
Passionate about the crypto world, he explores the blockchain ecosystem to extract the most essential insights. With his expertise in SEO and web writing, he transforms news and technical analysis into clear, engaging, and impactful content. His goal? To help investors better understand the opportunities and challenges of the crypto market.
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