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\nPosted: November 30, 2023 Chainlink [LINK]<\/span><\/a> displayed a rally over the last few weeks, which allowed it to inch closer to the top 10 cryptos by market capitalization. Considering this performance, can <\/span>the token enter the top 10 list anytime soon?\u00a0<\/span><\/p>\n While LINK\u2019s price rallied, its popularity among whales also increased. Inasmuch, on the 29th of November, crypto analyst Ali pointed out that Chainlink had witnessed its largest spike in whale transactions for 2023.<\/span><\/p>\n #Chainlink<\/a> | Yesterday, $LINK<\/a> witnessed its largest spike in whale transactions for the year, with over 2,600 transactions exceeding $100,000 each! pic.twitter.com\/IoaxjEZjJv<\/a><\/p>\n \u2014 Ali (@ali_charts) November 29, 2023<\/a><\/p>\n<\/blockquote>\n Santiment also had an interesting update, pointing out that a massive amount of older coins had moved wallets. Such moves are generally followed by \u201cbig price movements.\u201d<\/span><\/p>\n \ud83d\udd17\ud83d\udcca #Chainlink<\/a> has quietly had a massive amount of older coins moving wallets today. Big older coin movement typically is followed by big price movements, which is what occurred September 15th, resulting in a +31% $LINK<\/a> price climb the following 2 weeks. https:\/\/t.co\/Cb1TGg3hvG<\/a> pic.twitter.com\/Vh7zYrE6oa<\/a><\/p>\n \u2014 Santiment (@santimentfeed) November 29, 2023<\/a><\/p>\n<\/blockquote>\n \u00a0<\/p>\n Therefore, if history is to repeat itself, investors might witness another bull show from LINK in the coming days.<\/span><\/p>\n According to<\/span> CoinMarketCap<\/span><\/a>, LINK\u2019s price moved down marginally in the last 24 hours. At the time of writing, it was trading at $14.52 with a market capitalization of over $8 billion, making it the 12th largest crypto. <\/span><\/p>\n But before<\/span> LINK<\/span><\/a> begins its bull rally, the token must go above a key resistance level. <\/span><\/p>\n AMBCrypto\u2019s analysis of Hyblock Capital\u2019s data revealed that the token\u2019s liquidation increased substantially when its price reached the $15.4 mark. Therefore, if the token has to increase its market cap, it must go above that mark.<\/span><\/p>\n Source: Hyblock Capital<\/p>\n<\/div>\n However, quite a few metrics remained bullish, increasing the chances of an uptrend. For instance, as per<\/span> CryptoQuant<\/span><\/a>, LINK\u2019s exchange reserve was low, meaning that investors were buying the token at press time. <\/span><\/p>\n The evidence of high buying pressure was further compounded by other metrics. AMBCrypto found that <\/span>LINK<\/span><\/a>\u2019s Supply on Exchanges dropped in the recent past, while its Supply outside of Exchanges increased.<\/span><\/p>\n Read<\/span> Chainlink\u2019s [LINK] Price Prediction<\/span><\/a> 2023-24<\/span><\/p>\n Additionally, a look at Coinglass\u2019<\/span> data<\/span><\/a> revealed that Chainlink\u2019s Open Interest dropped while its price went sideways. This suggested that the possibility of a trend reversal was high. <\/span><\/p>\n However, it was interesting to see that the supply held by top addresses remained flat at the time of writing.<\/span><\/p>\n
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Chainlink is popular among whales<\/b><\/h4>\n
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The possibility of a LINK rally is\u2026<\/b><\/h4>\n
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