The accumulation pattern of LINK whales indicates the expectation of a major reversal in the price of the coin with rising momentum
Cryptocurrency Chainlink (LINK) is in high anticipation, as a whale accumulation pattern shows the potential for a major price reversal.
Strong support for Chainlink was found around the $11 level, and the $12.2 support level, supported by the wedge pattern and the 200-week Exponential Moving Average (EMA), has created a strong accumulation zone.
This stability is reinforced by the daily trading volume, which currently stands at $281 million, indicating an increase of 25%.
Bitcoin's recovery also had a positive impact on the alternative digital currency sector, which contributed to Chainlink's rise over a period of three days, bringing the price of the coin to a trading value of $13.1.
Potentially, whales or institutional investors have accumulated large amounts of Chainlink (LINK) coin.
Since June 24, 2024, 93 new wallets have withdrawn approximately 12.75 million LINK coins (worth approximately $167 million) from the Binance platform.
This recurring pattern of accumulation during market downturns indicates strong confidence in the future prospects of LINK.
If the wedge pattern continues to hold, Chainlink price could rise by 24.6% to reach the upper trend line at around $16.34.
Analyst Nicu Crypto expects LINK to end this year at $35.
#ema $LINK