Price Analysis

Here’s Why Chainlink (LINK) Price Is Set for Another Leap in Feb

The formation of a bullish continuation pattern in tandem with whale accumulation hints a higher potential for Chainlink price to resume the recovery trend.

Published by

Sahil Mahadik

Updated 10 Jun, 2025 | 08:38:30 AM UTC

Here’s Why Chainlink (LINK) Price Is Set for Another Leap in Feb

Highlights

A bullish breakout from the triangle pattern will release a direction trendline in the LINK price.
The ongoing rally may have witnessed active pullback support at 50 EMA of the 4-hour chart.
The intraday trading volume in the LINK coin is $412 Million, indicating a 26% gain.

Chainlink Price: The twelfth largest cryptocurrency Chainlink has been an outperforming asset in February 2024. Within a fortnight, the coin price jumped from $13.6 to $19.79 high, registering 45% growth. However, the LINK price has remained quiet in the last few days, projecting signs of a post-rally consolidation. Will this sideways action lead to higher growth or a precursor new correction?

Also Read: Chainlink vs. Solana: Which Altcoin is Worth Investment in 2024?

Is Chainlink Price Ready to Surpass $20?

Chainlink Price| Tradingview

Despite a recent uptick in the border market, which pushed the bitcoin price above the $46000 mark, the Chainlink price has traded majority sideways. This consolation in the 4-hour time frame chart resonated within two converging trendlines which indicated pennant pattern formation.

This chart pattern commonly observed in an established uptrend offers in-between breathers to recuperate the exhausted bullish momentum. Thus, the converging trendline indicates the LINK price is poised for a decisive breakout which would signal the continuation of the recovery trendline.

Adding to the bullish note is a recent highlight from crypto analytics firm Intotheblock about $LINK whales accumulation. Over the past five days, this mysterious crypto whale has transferred a staggering total of 4,556,684 $LINK, valued at approximately $83.6 million, from Binance into 55 newly created wallets.

This significant move despite current consoldation highlights a deepening interest in $LINK within the crypto community and could potentially signal upcoming market movements. If the LINK price breaks the overhead trendline with a 4-hour candle closing, the buyers will gain a suitable launchpad to drive recovery to $20.5, followed by $23.

Also Read: 5 Altcoins That Could Potentially Hit $100 In 2024: DRAGON, AVAX, LINK, TIA, ARB

Technical Indicator

Experimental Moving Average: The LINK price suitability above daily EMAs(20, 50, 100, and 200) indicates the near-term rally is bullish. The rising price obtains dynamic support from the 20 and 50 EMA slope.
Relative Strength Index: The daily RSI slope wavering around 50% reflects the neutral sentiment among traders.

Related Article: What Will Be My Portfolio If Chainlink Hits $100 in 2024?

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

Published by

Sahil Mahadik

Updated 10 Jun, 2025 | 08:38:30 AM

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