Chainlink (LINK) has maintained strong upward movement, fueled by key technical signals and rising investor activity.
Trading at $27.63 at press time, LINK has recorded an 18.02% increase over the past week despite a minor 0.82% decline in the last 24 hours. The token’s market capitalization stands at $17.37 billion, with a circulating supply of 630 million LINK.
Technical Signals Suggest Continued Uptrend
Chainlink’s price rally began in late October, when it surged from below $10 to its recent high of $28.40. A golden cross formed in November as the 13-day moving average crossed above the 49-day moving average, a sign of strong buying momentum. This upward trend has persisted into December.
The current price remains close to the 13-day moving average at $26.48, a critical support level. Analysts note that holding above this line will be key for LINK’s next move.
Source: TradingView
The Relative Strength Index (RSI) reads 64.12, indicating healthy momentum while staying below overbought conditions. Immediate resistance stands at $28.40, while lower support levels are at $20.39 and $11.46.
Large Holders and Institutions Accumulate LINK
Large investors, known as whales, have been actively accumulating Chainlink tokens. On December 18, blockchain data revealed a whale withdrew 65,000 LINK, worth $1.8 million, marking continued buying activity.
This whale’s total LINK holdings now exceed $17.3 million, reflecting confidence in further price growth.
The whale withdrew another 65,000 $LINK($1.81M) from #Binance 40 minutes ago.In the past 4 days, this whale has withdrawn a total of 594,998 $LINK($17.31M) from #Binance.https://t.co/09rrsXqyml pic.twitter.com/H4N9LkW8z9
— Lookonchain (@lookonchain) December 18, 2024
Institutional activity has also increased, with Donald Trump’s World Liberty Financial reportedly acquiring $2 million worth of LINK tokens. The platform’s decision to use Chainlink as its oracle provider demonstrates growing trust in the project’s utility and technology.
Analysts Target $30 if Support Holds
Crypto analyst Ali identified a buying signal for LINK using the TD Sequential indicator on the 4-hour chart. Ali stated,
“If LINK maintains the $26.80 support level, the price could climb toward $28.50, with potential to reach $30.20 if momentum strengthens.”
Source: X
This prediction has caught the attention of investors looking for confirmation of a continued price rise. Analysts note that failure to hold the $26.80 support could result in a temporary pullback. However, the strong upward trend remains intact for now.
Long-Term Outlook Remains Positive
Market experts believe Chainlink has strong long-term growth potential. Observers point to the LINK/BTC pair, which appears close to breaking out of a 1,590-day downtrend. A successful breakout could signal the start of a larger upward movement for the token.
Source: X
The combination of technical strength, growing institutional interest, and rising whale accumulation suggests LINK is well-positioned for further gains.
FAQs:
What is the current Chainlink (LINK) price trend?
LINK is trading near $27.63, holding key support and showing bullish momentum.
Why are whales accumulating Chainlink tokens?
Whales are confident in further LINK price growth, as seen in large recent withdrawals.
What price levels are critical for Chainlink right now?
Key support is at $26.80, with resistance at $28.40 and a potential target of $30.
The post Chainlink (LINK) Analysis: Will LINK Rally to $30 Amid Whale Accumulation? appeared first on Coinfomania.
