Chainlink Whales Accumulate $97 Million in August
Chainlink (LINK) holders have recently witnessed a significant price surge, fueled by massive accumulation from whales. This momentum could propel LINK’s price toward new heights.
Bullish Technical and Fundamental Signals
- Chainlink aims for a breakthrough above $24, with whales accumulating and exchange reserves declining, tightening supply.
- Analysts identify key targets at $31.8 and $52.3 before a possible three-digit ascent.
As mentioned in the previous article, LINK is targeting the liquidity zone up to $25. However, this POC in HTF could provide resistance that’s too strong and lead to a short-term retracement.
Nevertheless, the FBB indicates a potential target of $28 for LINK in the coming days, representing a potential increase of 28% from its current price of $21.
Chainlink Supply Tightening in Progress
Beyond positive technical indicators, fundamentals also support Chainlink’s upward momentum. The decrease in exchange reserves can shift market perception and stimulate speculative buying.
Whale Accumulation Accelerates
Holders of LINK wallets containing between 100,000 and 1 million tokens have increased by 4.2% in August, adding 4.55 million LINK, valued at $97 million. Meanwhile, exchange reserves have dropped by 33 million LINK since July.
According to analyst Ali Martinez, an ambitious target of $95 for LINK is conceivable. While this may seem distant, the path is marked with intermediate steps at $31.8 and $52.3 before reaching three digits.
Chainlink’s technical and fundamental trends indicate strong upside potential for LINK. With whale accumulation and declining exchange reserves, LINK’s price could soar to new heights if current conditions persist.
How to Position Yourself on LINK ?
To capitalize on this potential rally to $52 in the coming months (+150%), here’s an optimized strategy :
- Progressive entries : Buy between $20.50-21.50 to minimize downside risks.
- Support levels to watch : $18 and $19.50 as buying zones in case of correction.
- Profit taking : Target $24 and $28 for partial short-term gains, with objectives at $42 and $52 in the medium term.
- Confirmation volumes : A volume spike above $24 will validate the breakout.
- Risks : A drop below $18 could bring LINK back to $15-16
How to Buy LINK on Bitget ?
Here’s a guide to easily purchase LINK on the Bitget exchange :
- Sign up on Bitget : Create an account on Bitget with an email address or phone number, then complete KYC verification.
- Deposit funds : Fund your account with fiat (credit card, bank transfer) or cryptocurrencies like USDT or BTC.
- Access the LINK market : In the “Spot Trading” section, select the LINK/USDT or LINK/BTC pair.
- Place an order : Choose a market order for immediate purchase or a limit order to set your price. Confirm the amount.
