Price Analysis

Chainlink Price Analysis Hints $20 Rally Amid Whale-Driven Momentum

Chainlink Price Analysis: LINK shows signs of a bullish reversal above $12.59, supported by significant whale accumulation.
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Chainlink Price Analysis Hints $20 Rally Amid Whale-Driven Momentum

Highlights

  • The downsloping resistance trendline drives the current correction trendline in Chainlink price.
  • The $12.2 floor stands as a crucial accumulation zone for crypto buyers.
  • The intraday trading volume in the LINK coin is $259 Million, indicating a 12.8% loss.

Chainlink Price Analysis: During the June market correction, the Chainlink price experienced a sharp decline, suffering a 26% loss over the month. However, as supply pressures subsided over this weekend, buyers succeeded in maintaining support above the $12.2 level, which has been a critical floor since November 2023. This level is now viewed as a key turning point for a potential reversal from the recent significant drop.

Also Read: Bitcoin Price Analysis: How Bull Flag Defends $1 Trillion Market Cap for BTC

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Chainlink Price Analysis: Whales Build Positions with $86.7 Million in LINK

Chainlink Price Analysis| Tradingview

As the market witnesses a massive crash over the weekdays, a fresh recovery hits over the weekend. With a similar trend, the LINK price sustains above the $12.59 support level with a lower price rejection on Friday.  

This completes a morning star pattern with the 7.28% bullish engulfing candle. In the larger trend, the ongoing correction phase marks a negative cycle within a triangle pattern. 

As the buyers abruptly halt the negative cycle before reaching the support trendline, a bullish reversal is likely to start.

Also Read: Spot Bitcoin ETFs Saw $143 Million Inflows on Friday, Institutions Buying The Dips?

Recent on-chain data reveals a significant accumulation of Chainlink (LINK) by whales and institutional investors. A total of 90 fresh wallets have withdrawn approximately 6.72 million LINK, valued at $86.7 million, from Binance recently.

https://twitter.com/lookonchain/status/1808040911764705395?ref_src=twsrc%5Etfw” rel=”nofollow

Additionally, another set of data from Lookonchain reveals that 54 fresh wallets withdrew 2.08 million LINK, valued at $30.28 million, from Binance around late May to Early June. The continuous accumulation of LINK by large wallets underscores the growing confidence and interest in Chainlink’s long-term potential.

The anticipated bull cycle can test the overhead declining trendline that has caused two bearish reversals within the triangle. Further, it could reclaim the $15 psychological mark. 

Currently, altcoin trades at $12.919 with an intraday drop of 1.98%. This undermines the bullish recovery but the action sustains above the critical level of $12.58. 

With the breakout rally, the LINK price could hit the $20 mark in the coming weeks. However, the broader market movements will be crucial in deciding the fate. 

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Will the Market Crash Drop LINK Under $10? 

Despite the lower price rejection bolstering bull cycle likelihood, a bearish pattern looms over the daily chart.  With a neckline at $12.58, the altcoin reveals a head and shoulder pattern. 

A drop-down under this neckline will put additional stress over the ascending support trend line. This increases the breakdown chances and could result in an end-of-recovery phase. A breakdown rally could hit the bottom support level at $9.46. 

Technical Indicator:

  • BB: The LINK price challenging the lower boundary of Bollinger Band indicator suggests the sellers remain active towards LINK coin.
  • MACD: The sideways trend in the MACD and signal lines are indecisive as the price halts a crossroads. 
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Related Articles

Frequently Asked Questions

What is a bullish engulfing candle?

A bullish engulfing candle is a candlestick pattern where a large green candle completely engulfs the body of a smaller red candle from the previous trading session.

What is a bearish reversal?

A bearish reversal is a change in the direction of the price trend from upward to downward.

How does whale activity influence the cryptocurrencies price?

Whale activity, which involves large volume transactions by single entities or groups, can significantly influence cryptocurrency prices due to the substantial amount of coins moved.
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Sahil Mahadik

Sahil is a dedicated full-time trader with over three years of experience in the financial markets. Armed with a strong grasp of technical analysis, he keeps a vigilant eye on the daily price movements of top assets and indices. Drawn by his fascination with financial instruments, Sahil enthusiastically embraced the emerging realm of cryptocurrency, where he continues to explore opportunities driven by his passion for trading

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Why trust CoinGape: CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights to our readers. Our journalists and analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
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