Chainlink’s market shows anticipation due to a whale accumulation pattern, hinting at a significant price reversal.
Chainlink finds robust support around $11, reinforced by the $12.2 level, wedge pattern, and 200-week EMA.
Analysts predict LINK could reach $35 by year-end and potentially hit $140-170 in mid to late 2025.
The Chainlink (LINK) market has been abuzz with anticipation as a whale accumulation pattern hints at a significant price reversal. Chainlink has found major support around the $11 mark. The $12.2 support level, reinforced by the wedge pattern and the 200-week exponential moving average (EMA), has created a robust accumulation zone.
This stability is further bolstered by intraday trading volume, which currently stands at $281 million, indicating a 25% gain. Bitcoin’s recovery has also positively impacted the altcoin sector. This has contributed to Chainlink’s three-day rally, with a trading value of $13.1.
$LINK Price Update – Found major support around $11– $13.5 is the key resistance to breakOnce it breaks above $13.5, #LINK will pump hard pic.twitter.com/iSVsGTVM9f
— AMCrypto (@AMCryptoAlex) July 13, 2024
Whale Activity and Price Prediction
Unidentified entities, likely whales or institutional investors, have been accumulating substantial amounts of Chainlink (LINK) coins. Since June 24, 2024, 93 new wallets have withdrawn approximately 12.75 million LINK (valued at roughly $167 million) from Binance.
This recurring pattern of accumulation during market downturns suggests strong confidence in LINK’s future prospects. If the wedge pattern holds true, Chainlink’s price could surge by 24.6% to hit the overhead trendline at around $16.34.
Nicu crypto, a respected analyst, predicts that LINK will end this year at $35. Looking ahead, LINK could potentially reach $140-170 sometime in mid to late 2025.
The accumulation by whales, coupled with positive market trends, sets the stage for a major reversal in Chainlink’s price. Keep an eye on the $13.5 resistance level – breaking above it could trigger a significant pump for LINK.
As analysts remain optimistic, LINK holders eagerly await the next bullish move. As of writing, LINK was trading above the $13.5 resistance, at $13.75, so this could be a good time to accumulate LINK, according to the above predictions.
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