Chainlink Set for $36? Whale Moves Suggest a Big Rally—Analyst – Crypto News – Crypto News
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Chainlink Set for $36? Whale Moves Suggest a Big Rally—Analyst Chainlink Set for $36? Whale Moves Suggest a Big Rally—Analyst

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Chainlink Set for $36? Whale Moves Suggest a Big Rally—Analyst – Crypto News

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8 months ago

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Analysts anticipate a potential breakout to $36, as Chainlink (LINK) is currently exhibiting robust upward momentum. In recent weeks, large investors, more commonly known as “whales,” have been aggressively accumulating LINK. Their increasing interest indicates that they are optimistic about the asset’s long-term potential. However, is this rally enduring, or is it merely another brief surge?

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Chainlink: Strong Whale Appetite

Data shows that large investors (whales) have been steadily buying more LINK when the price is between $17 and $21. In the past, when large buyers acted like this, it often led to big price raises. When many whales gather, it can lower the amount offered in the market, causing a supply shortage.

Simultaneously, smaller investors have begun to take heed. The demand for LINK in the retail sector has increased, as the purchasing pressure has surpassed the selling activity. In the upcoming weeks, LINK may experience an increase in value as a result of the combination of institutional and retail accumulation.

Spot-Driven Rally Decreases Risk

Unlike other LINK price spikes, this jump is not driven by too great leverage. On-chain data indicate that the rise is spot-driven, meaning demand comes from direct purchases instead of speculative futures contracts. This raises the rally’s longevity by lowering the likelihood of a precipitous drop brought on by liquidations.

Still another important consideration is the lack of significant short holdings against LINK. When traders create high-leverage short positions, sudden price gains can cause short squeezes, which can drive prices even more upward. Given leverage is low, organic market demand seems to be the main reason behind LINK’s present movement instead of synthetic price pumps.

LINK is currently trading at $22.2. Chart: TradingView

Breaking Critical Resistance Levels

The technical analysis indicates that LINK has effectively penetrated numerous resistance levels. Following a period of consolidation within the $21–$22 range, the token advanced toward $24, thereby establishing the foundation for additional gains. The next potential target range for LINK, according to CoinCodex, is $27, provided that it maintains momentum and remains above its critical support zones.

Source: CoinCodex

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Nevertheless, obstacles persist. LINK could be subject to short-term volatility if Bitcoin experiences a pullback. However, the favorable trajectory of LINK may persist if the broader market sentiment remains positive.

Chainlink Upward Trajectory: Will It Continue?

Chainlink’s long-term viability is bolstered by its increasing prevalence in blockchain infrastructure and decentralized finance (DeFi). Technical breakouts, whale accumulation, and organic demand all indicate that prices will continue to rise.

At the time of writing, LINK was trading at $22.37, down 9.1% and 11.4% in the daily and weekly frames.

Featured image from Pixabay, chart from TradingView

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