Sahil Mahadik
Chainlink Price Prediction: The uptick in whale accumulation coinciding with the rise in price suggests that the LINK price has the potential for further upward movement.
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Chainlink Price Prediction: Outperforming the broader market consolidation, Chainlink (LINK) has emerged as a standout performer among the leading cryptocurrencies. The coin price soared from $13.67 to $19.7 in just two weeks, marking a 44% increase. This surge has successfully pierced a key resistance level of a long-coming chart pattern, suggesting that the coin’s recovery may be in its initial stages.
Also Read: Chainlink (LINK) Price Shoots 17% Dominating Altcoin Rally, Next Target $25
LINK Price Escapes a 22-Month Accumulation
- The cup and handle pattern leads the current recovery trend in the LINK price
- The high momentum rally in Chainlinjk price may witness occasional pullback to 20-day EMA
- The intraday trading volume in the LINK coin is $1,09 Billion, indicating a 95.96% gain.
Over the last quarter, the Chainlink price has been locked in a lateral movement, finding it challenging to maintain a foothold above the pivotal $17.5 resistance level. Initially, this sideways trend cast a shadow of doubt among investors, but a broader examination of the long-term chart reveals the emergence of a cup and handle formation.
During the evolution of this pattern, the ongoing consolidation phase is typically recognized as a period that rejuvenates the previously waning bullish momentum, leading up to a significant bullish thrust.
On February 2nd, the asset’s value surged past the neckline resistance of the pattern at $17.5, hinting at the commencement of a trend reversal. The 8% surge in the day’s value that followed acts as a confirmation of buyers’ stance and setting the stage for an extended recovery.
Over $2 Million in $LINK Withdrawn in a Strategic Shift
According to Lookonchain, a respected on-chain data tracker, there’s been a significant movement of $LINK tokens. Specifically, within the span of just one hour, four new wallets have moved a staggering total of 119,583 $LINK, valued at approximately $2.15 million, away from the Binance exchange.
This activity could signal a bullish sentiment among large-scale investors towards Chainlink, suggesting they see potential value in accumulating $LINK at current levels.
It seems that a whale/institution is accumulating $LINK!
We noticed 4 fresh wallets withdrew a total of 119,583 $LINK($2.15M) from #Binance in the past 1 hour.https://t.co/G09rO9rlwNhttps://t.co/Bby3SaN7cmhttps://t.co/0NowecVP2ahttps://t.co/dVX9K2CNeK pic.twitter.com/KJsY0w7F5W
— Lookonchain (@lookonchain) February 5, 2024
Thus, under the influence of the bullish chart pattern and whale accumulation, the LINK price can chase potential targets of $24.28, followed by $30.7.
- Experimental Moving Average: An uptick in the daily EMAs(20, 50, 100, and 200) indicates the aggressive buying trend in the market.
- ADX: The rising ADX slope at 21% indicates that there is potential for the bullish trend to continue and gain strength.
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The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
