Nov 18, 2024
6thTarde
Chainlink (LINK) is gaining momentum, with whale activity hitting a three-month high and its price surging past key resistance levels. Large holders have accumulated $369.8 million worth of LINK in the past seven weeks, boosting their holdings by 8.2% and signaling strong confidence in the token’s long-term potential. Analysts now eye ambitious price targets, with $20 in the short term and $100 in the long term.
Whale Activity Reaches Record Levels
Data from Santiment reveals a significant increase in whale transactions, with 264 large transfers recorded in a single day—the highest since mid-September. Wallets holding 100,000 to 10 million LINK have seen a combined accumulation of $369.8 million, marking a decisive shift in market sentiment following the market crash on August 4.
The rise in whale activity aligns with LINK breaking past the $14 resistance level, a key signal of decoupling from other altcoins. This accumulation suggests whales are positioning for potential future gains, with LINK showing strong long-term bullish indicators. $LINK
Breaking the Downtrend: $100 Target in Sight
LINK recently broke out of a long-standing downtrend, crossing the $13.65 resistance level for the first time since July. According to crypto analyst Trader Rocko, this breakout represents a move into a re-accumulation phase, laying the groundwork for further bullish momentum.
Key support levels have held, and LINK’s breakout above resistance has opened the door to a potential climb toward $20. If the current momentum persists, analysts suggest LINK could eventually reach $100, supported by a robust technical setup and growing whale interest.
Technical Indicators Signal Bullish Momentum
Chainlink’s daily chart shows a steady upward trajectory, supported by an ascending trendline since August. The breakout above the $12 level signals consistent buyer interest, with the next major resistance target set at $20.
Positive signals from technical indicators such as the Awesome Oscillator (AO) and the Accumulation/Distribution (A/D) line further confirm strong buying activity and investor confidence. Both indicators show green, suggesting a sustained uptrend if LINK holds above key support levels.
Outlook: Path to $20 and Beyond
The current market conditions are favorable for LINK’s growth, with bullish momentum building. Analysts anticipate a potential pullback to the $12 level or the previous breakout zone before an ascent toward $20. If sustained buying pressure continues, the long-term $100 target could come into play, marking a transformative period for Chainlink.
With whale accumulation trends and a solid technical foundation, LINK is positioned as a strong contender for future gains, capturing the attention of both retail and institutional investors