Chainlink Price Prediction: Analyst Targets $52 as LINK Reserve Scoops $1M Tokens

Chainlink price trades at $22.37 today, April 15, with a 5.5% drop in 24 hours. An analyst now says that LINK might get to $52 because of its double bottom pattern. At the same time, the LINK reserve has acquired tokens worth more than $1 million.

Analyst Targets $52 Chainlink Price as Double Bottom Emerges

The crypto market is down today, but this does not mean that analysts are flipping bearish. In fact, they have maintained their projections that the only feasible path is upwards. One of these analysts is CryptoGoos, who mentions the creation of a double bottom.

The double bottom is shaped like a W pattern, and it shows that even with some bouts of selling, bulls are defending a firm support level. When this happens, it is a sign that buyers have identified the best level at which they are entering new positions.

One of the things that a double bottom shows is that a strong uptrend is about to happen. CryptoGoos also takes note of this, saying that if gains continue, the next target price is $52. Interestingly, this is also the level where the record high of Chainlink price stands.

The double bottom is not the only bullish sign that CryptoGoos identified. He also notes that there could be an inverse head and shoulders. Just like the double bottom, it also shows that bullish traders are about to dominate.

Nonetheless, this forecast will only be bullish if one condition is met: breaking resistance. The analyst identifies this one to be at $36. The last time the LINK price reached here was back in 2022. If it does so again, whereby it moves past it and even comes back down again to confirm it as support, then more gains will be on the way.

One of the things that is noteworthy is the fact that a long-term Chainlink price forecast 2025 indicates that it might continue pushing higher.

Chainlink Reserve Scoops $1M Tokens

The Chainlink Reserve has scooped up 44,109 LINK tokens that are now worth more than $1 million. What this means is that there is a new source of buying pressure in the market besides what is coming from spot buyers. This will likely favor a bullish Chainlink price performance.

After this most recent purchase, the Chainlink Reserve now has more than 109,662 LINK, which is worth more than $2.6 million. This is a significant number, and when accumulations continue, the price might move even higher.

The fresh batch was bought just a few days after some additional tokens were bought. Earlier this week, CoinGape reported the purchase of $1.4M LINK by the same entity.

To sum up, Chainlink price seems to be in a good place. That means that there are higher chances of it moving up than moving down. Considering the double bottom and the reserves, getting to the all-time high of $52 is in the cards.