Chainlink Price Prediction: Outperforming the broader market consolidation, Chainlink (LINK) has emerged as a standout performer among the leading cryptocurrencies. The coin price soared from $13.67 to $19.7 in just two weeks, marking a 44% increase. This surge has successfully pierced a key resistance level of a long-coming chart pattern, suggesting that the coin’s recovery may be in its initial stages.
Also Read: Chainlink (LINK) Price Shoots 17% Dominating Altcoin Rally, Next Target $25
Over the last quarter, the Chainlink price has been locked in a lateral movement, finding it challenging to maintain a foothold above the pivotal $17.5 resistance level. Initially, this sideways trend cast a shadow of doubt among investors, but a broader examination of the long-term chart reveals the emergence of a cup and handle formation.
During the evolution of this pattern, the ongoing consolidation phase is typically recognized as a period that rejuvenates the previously waning bullish momentum, leading up to a significant bullish thrust.
On February 2nd, the asset’s value surged past the neckline resistance of the pattern at $17.5, hinting at the commencement of a trend reversal. The 8% surge in the day’s value that followed acts as a confirmation of buyers’ stance and setting the stage for an extended recovery.
According to Lookonchain, a respected on-chain data tracker, there’s been a significant movement of $LINK tokens. Specifically, within the span of just one hour, four new wallets have moved a staggering total of 119,583 $LINK, valued at approximately $2.15 million, away from the Binance exchange.
This activity could signal a bullish sentiment among large-scale investors towards Chainlink, suggesting they see potential value in accumulating $LINK at current levels.
Thus, under the influence of the bullish chart pattern and whale accumulation, the LINK price can chase potential targets of $24.28, followed by $30.7.
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