Chainlink Price Prediction: Whale Accumulation Fuels Potential Breakout Rally to $30

Chainlink Price Prediction: LINK, the native cryptocurrency of the Chainlink oracle network, has lagged behind the broader market’s recent recovery trend. On Monday, the coin price showcased a failed breakout from a notable resistance of $20.8, reflecting the sellers continuing to defend the higher levels. Over the week, the Chainlink price tumbled 7.7% to currently exchange hands at $19.8. Will Bitcoin price potential breakout from $70000 push LINK coin back to a recovery trend?

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A Cup and Handle Pattern Signals Major Uptrend

An analysis of the daily time frame chart shows the Chainlink price developed a well-known bullish cup and handle pattern amid the recent recovery trend. The reversal pattern signals a smooth transition from a downtrend to an uptrend displayed by a U-shaped recovery.

On February 2nd, the coin price gave a bullish breakout from the pattern’s neckline resistance and the buyers escaped from a nearly 2-year sideways trend. The post-breakout rally pushed the LINK price 23.7% high to $21.6 a level last visit in January 2022.

However, the supply pressure at $20.8 has shifted the recovery trend sideways indicating a post-really consolidation. On March 5th, the Chainlink price showcased a long-wick rejection candle at $17.5n support reflecting the buyer’s accumulation that assisted in the market dip.

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Whales Bets Bullish with $16.72 Million LINK Withdrawal

Lookonchain, the Onchain data tracker recently reported that eight new wallets have withdrawn 831,160 LINK tokens, worth approximately $16.72 million, from Binance within two days. This significant movement suggests whale investors are showing a strong interest in Chainlink, potentially indicating a bullish outlook for the cryptocurrency. 

It seems that whales are buying $LINK!

We noticed that 8 fresh wallets withdrew 831,160 $LINK($16.72M) from #Binance in the past 2 days.

Address:https://t.co/bkikjTpUtyhttps://t.co/DaBt99fo8Ohttps://t.co/h8fjMdXiU4https://t.co/vcBkwRMUJMhttps://t.co/sD9YDQd4Sj… pic.twitter.com/77Y9RqF3t6

— Lookonchain (@lookonchain) March 9, 2024

Despite the waning recovery trend in price action, these large-scale transactions hint at a strategic accumulation of assets, indicating a high potential for a renewed recovery trend. With sustained buying, the LINK price is likely to chase the pattern’s theoretical target of $30, registering a potential growth of 52%.

Also Read: Coinbase’s Bitcoin Market Share Climbs To 60% After ETF Approval

Technical Indicator

• Pivot Levels: As per the traditional pivot level, the Link price may face overhead supply pressure at $21.7, $24.15, followed by $27.4.
• Moving Average Convergence Divergence: A bearish crossover between the MACD and signal line reflects the sellers are the driving force of the current price movement.