Chainlink’s (LINK) recent price action on the weekly chart suggested a potential setup for surpassing its all-time high (ATH) of $52 by the first quarter of 2025.
Currently trading at $23.95, LINK’s price significantly bounced from the multi-year trend line, indicating strong buyer interest.
This key trend line historically served as a pivotal point for price reversals. The price movement illustrated robust momentum.
There was a sharp rise following a prolonged consolidation around the $8 to $12 range. The recent break above the multi-year trend line displayed the same.
The price action chart displayed several resistance levels that Chainlink breached, contributing to the bullish outlook.
LINK/USDT weekly chart | Source: Trading View
The ascending price was also supported by increasing volume, signaling growing investor confidence.
If Chainlink continues along this trajectory, the next major resistance lies at $52, the ATH marked as ‘Target 1’.
A sustained upward movement could lead to breaking this level, setting new highs. The current levels were viewed as strategic entry points, anticipating future gains as suggested by the setup.
This analysis combined past price behaviors with current market trends, points towards a bullish future for LINK.
However, it is contingent on its momentum maintaining and breaking past crucial resistance levels.
Whale accumulating LINK
The recent activity involving the whale’s transactions on Binance was significant to LINK’s future price movements.
A withdrawal of 55,199 LINK tokens, amounting to approximately $1.33 Million, was the largest during the recent price correction.
In the last three days, this whale cumulatively moved 105,720 LINK. This totaled around $2.49 Million at an average price of $23.57 each.
These moves typically indicated anticipation of market movements. These large-scale transfers could be strategic.
They suggest that whales were positioning themselves for a potential rise in LINK’s price, possibly expecting it to approach or surpass its ATH of $52.
Whale activity | Source: On Chain Lens
Whales accumulating at these levels could be seen as a bullish signal for Chainlink, hinting at a strong support base at the current price levels.
This type of behavior often sparks discussions among investors about the potential for upcoming price fluctuations.
These movements provided insights into sentiment and whale strategies, which in turn can help with predicting future price actions in the market.
Chainlink Leads in DeFi
Chainlink led the Decentralized Finance (DeFi) market by market capitalization at $15 Billion. It was followed by Hypeliquid (HYPE) at $9.3 Billion, showing Chainlink’s dominance in the DeFi sector.
Uniswap (UNI) and Aave (AAVE) trailing with $8.2 Billion and $5.5 Billion in market cap respectively, highlighting Chainlink’s significant lead.
Top DeFi coin by market cap | Source: GCryptoBen/X
Ethereum and Thorchain, though smaller in market cap, also formed key parts of the DeFi landscape, each reflecting different facets of DeFi utility, including token swapping and cross-chain solutions.
Chainlink’s position was solidified by not only its market cap but also a 30-day price change of 7.37%, indicating strong recent growth and investor confidence.
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