Despite technical indicators showing mixed signals, Chainlink (LINK) has become one of the top gainers among 20 cryptocurrencies in the past 24 hours.
Although the BBTrend indicator has remained positive since November 25, it has significantly weakened. Despite these conflicting signals, if LINK successfully breaks through the current resistance level, its price could still surge 42% to $30.
Chainlink whales have not increased their holdings of LINK.
Over the past two weeks, the holdings of Chainlink whales have significantly decreased, marking a potential shift in market sentiment.
The number of wallets containing 100,000 to 1,000,000 LINK has decreased from an annual high of 558 on November 19 to the current 533, indicating that large investors may be taking profits or reallocating their holdings.
Tracking the behavior of whales is crucial as these large holders can significantly influence price trends and market sentiment. The number of wallets in this category decreased from 558 to 533, indicating that larger holders are in the phase of reducing their position allocations.
The ongoing decline in whale accumulation may signal bearish pressure on LINK prices in the short term.
LINK BBTrend is at its lowest level in weeks.
The Chainlink BBTrend (Bollinger Bands Trend) indicator has significantly softened, dropping from a peak of 18.2 on November 26 to its current value of 0.44, while remaining positive since November 25.
BBTrend helps identify trend strength and potential reversals by measuring price movements relative to the Bollinger Bands.
The potential shift of the BBTrend into negative territory may signal a trend reversal and increasing selling pressure on LINK.
When the BBTrend turns negative, it typically indicates that the price trend is below the middle line of the Bollinger Bands, suggesting that bearish momentum may lead to further declines in LINK prices.
LINK Price Prediction: Potential 42% New Surge.
LINK recently attempted to break above $22, a level not seen since 2022, suggesting a potential for a significant upward move.
If the next attempt is successful, the crypto's target could be $25, then rising to $30, representing the highest value since 2021 and implying a substantial 42% increase from current levels.
Conversely, failing to maintain upward momentum could trigger a downward correction.
In this scenario, LINK price may test the initial support level of $16.18, and if it fails to hold this support, it could further decline to $13.8.
