Chainlink Price Analysis: Whale Accumulation Positions LINK for $20 Breakout
Highlights
- The LINK price escape from 2 month correction hints at a notable change in market dynamics.
- The LINK price recovery above 50-and-200-day EMA indicates the long-term bullish sentiment is restoring.
- The intraday trading volume in the LINK coin is $1.32 Billion, indicating a 328.8% gain.
Chainlink Price Analysis: The Bitcoin price leap to $65000 on Wednesday triggered a renewed recovery sentiment in the crypto market. While most major coins showed notable upswing, the Chainlink coin caught the attention of investors as the asset surged for three consecutive days amid whale accumulation and a rise in social dominance. is the LINK price heading to the $20 mark?
Also Read: Make $100,000 With 4 Ethereum Meme Coins To Buy In 2024 Bull Run
Chainlink Sees Significant Market Cap Surge Amid Whale Accumulation and Social Dominance Rise
The last correction trend in Chainlink price found suitable support at the 61.8% Fibonacci retracement level— a key technical level that bolsters buyers with a strong foothold and counterattack.
With the renewed demand pressure, the LINK price developed two notable higher lows in the daily chart indicating that buyers are accumulating this asset at market dips. On Wednesday, when the Bitcoin price surged to $65,000, the Chainlink price rebounded from $12.80 and surged 25% within three days, reaching $16.
The rising price gave a decisive breakout from the resistance trendline which carried an active correction for the past two months.
Amid the recent market recovery, Chainlink’s market cap has experienced a substantial 14% surge since yesterday. According to data from Santiment, this sharp increase is largely driven by the growing number of large holders, commonly known as whales. The number of Chainlink whales—wallets holding 100K or more LINK—has increased by 4.6% in just five weeks, bringing the total to 564.
The platform’s data shows that the social discussions around Chainlink have reached their highest level since October 21, 2023, a seven-month high. If the current trend of rising social dominance continues without being overshadowed by fear of missing out (FOMO), the bullish conditions for Chainlink are likely to persist.
If the breakout sustains, the Chainlink price should amid potential target of $18.6, followed by $20.7 and $22.8
Technical Indicator:
- Exponential Moving Average: The recently reclaimed 20-day EMA can assist LINK price with dynamic support during occasional pullbacks.
- ADX: The ADX slope upswing at 22% indicates the buyers have sufficient momentum to lead a higher rally.
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