🔵 Chainlink Price Tests Crucial Support At $22 Amid $LINK Whale Accumulation
Chainlink price faces strong selling pressure with chances of a crash to $12, while #LINK whales accumulate heavily at every dip, indicating a contrasting sentiment.
Chainlink price continues to see strong selling pressure dropping another 5.7% today amid a broader market correction. Following a rejection at $30, LINK has corrected 27% testing crucial support levels at $22. On the other hand, LINK whales have been accumulating at every price dip highlighting bullishness among long-term players.
🔸 Where is #Chainlink Price Moving Next?
Chainlink is seeing strong selling pressure with the LINK price today correcting by another 5.7% in the last 24 hours and is currently trading at $21.36 with a market cap of $13.63 billion. The Coinglass data shows a 12% drop in the LINK open interest to $551 million. Also, the 24-hour liquidations have soared to $3.02 million of which $2.83 million is in long liquidation.
Popular crypto analyst Solberg Invest has flagged a potential head-and-shoulders pattern forming on Chainlink’s (LINK) chart, suggesting the possibility of a price decline. The analyst noted that if the Chainlink price breaches the pattern’s neckline, the token could target $16.6, with a worst-case scenario seeing a drop to $12.5. This technical formation adds a cautious note to LINK’s outlook, urging traders to monitor the market closely for further developments.
Despite this short-term bearishness, crypto investors continue to remain bullish for the long term. As per the CoinCodex data, 62% of investors believe that the LINK price can shoot up to $35 in the next month and further to $40 over a three-month period. This means that LINK investors can mint nearly 100% gains by the end of Q1 2025.
Having said that, it appears that Chainlink could witness a strong rebound ahead if bulls regain momentum. Besides, a recent LINK price prediction showed that the crypto is likely to hit $44 by next month, which has fueled market sentiment.