Whales Move 38.64 Million LINK In 24 Hours, Will Chainlink Price Rally?

Chainlink (LINK), the decentralized oracle platform, has recorded significant activity in the cryptocurrency market in the last 24 hours. Large holders have moved 38.64 million LINK as broader consolidation grips the ecosystem. Per data from IntoTheBlock, the Chainlink whale transactions spiked by 671% in 24 hours to register the spike.

Chainlink Whale Accumulation and Price Outlook

IntoTheBlock data shows that this volume represents the 24-hour figure and doubles as the seven-day high. The protocol’s seven-day low stood at 2.31 million. These transactions by Chainlink whales occurred amid the price volatility of LINK in the broader crypto market.

The data’s focus on the movement of these large transactions highlights the increased activity among whales in the market. Although it does not reveal whether they are buying and accumulating or selling and disposing of the asset, it remains of interest to market participants.

Notably, a spike in whale activity impacts an asset’s price outlook. Depending on whether they are buying or selling, their activities could trigger a surge in price or send it crashing. Over $120 million LINK exited exchanges this week, setting the token up for a potential rebound.

In the case of LINK, the asset’s price plunged suddenly as these whales transacted over 38 million tokens. This suggests that many whales might have decided to shed their portfolio following LINK’s rebound to $15.

LINK Consolidation in Motion

As of this writing, the LINK price was $14.91, down 0.92% in 24 hours per CoinMarketCap data. The trading volume dropped by 41.11% to $265.83 million within the same period.

Investors might have pulled back as the price slipped below $15. The decision to step back might have been triggered by LINK’s inability to break the next resistance of $16 amid the whale action.

The asset slipped from $15.53 and formed a cup pattern in the last 30 days. Chainlink plunged to a low of $10.20 before posting its current rebound move. Though the upward rally was slow, LINK sparked hope when it reclaimed $15.

Interestingly, despite the recent movements, LINK has held on strong and found support above $14.15. The asset’s ability to sustain this level could determine whether it might continue its downward slip or not.

What Could Trigger Chainlink Price Rally?

LINK’s price appears to have entered a consolidation phase, and renewed investor interest could catalyze a breakout. In a recent LINK price analysis, market analyst CRYPTOWZRD predicted a $26 rally for the token. 

LINK’s Relative Strength Index (RSI) is around the neutral zone, which suggests it is neither overbought nor oversold. This could become a bullish signal if LINK whale accumulation and general market momentum are sustained. If this happens, LINK could climb to trade between $20 and $25 or push for $30 based on ecosystem support.

However, should Chainlink price slip below $13, this could trigger another bearish outlook with the risk of returning to the $10 price floor.