Can Massive Whale Accumulation Fuel Chainlink Price Rally to $30?

Chainlink Price: The Twelfth largest cryptocurrency by market Chainlink (LINK) emerged as an outperforming asset in February 2024. Within a fortnight the coin price surged from $13.63 to $18.3, registering 34.2% growth. This recovery could be attributed to active accumulation from whales as coingape mentioned in a previous article.

Can LINK price continue the recovery momentum amid the current market consolidation?

Also Read: What Will Be My Portfolio If Chainlink Hits $100 in 2024?

Cup and Handle Pattern Set Chainlink Price for 75% Surge

Amid the January-end relief rally in the crypto market, the Chainlink price rebounded from $13.5 and reached a 2-year high of $19.7. This rally back by increasing volume and active accumulation from whales projected sustainable growth for holders. 

In a significant move tracked by IntoTheBlock, a mysterious whale/institution has withdrawn 2,745,815 $LINK, valued at roughly $49.9 million, from Binance into 49 new wallets. Additionally, a whale, known as “0x2A19”, has extracted 494,957 $LINK ($9M) from Binance over the past 10 days.

The recent rally also provided a massive breakout from the neckline resistance of the cup and handle pattern which carried a consolidation phase for the past 23 months. Currently trading at $18.28, if the Chainlink Price manages to sustain above the breached resistance, the buyer can drive a rally to $24.2, followed by $30.7.

Crypto Analyst Signals a Potential Retest In LINK Price

In a recent analysis by renowned trader @rektcapital, a potential scenario for $LINK is outlined where minor price dips could lead the asset to the top of the Re-Accumulation range. Such movements, should they materialize, are seen as retest attempts that could validate the strength of the current trend, setting the stage for its further continuation.

• Bollinger Band: The rising upper boundary of the Bollinger Band indicator signals aggressive bullish momentum.
• Average Directional Index: The upward trajectory of the ADX slope, currently at 25%, suggests that the bullish trend has the potential for further growth.

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