LINK, the native cryptocurrency of the decentralized Oracle network Chainlink, recorded a 2% surge during Tuesday’s trading session. This renewed recovery followed a broader market uptick and an accumulation trend among whale investors. Will this recovery push past the $20 resistance?
Key Highlights:
- The formation of a falling channel pattern drives the current correction in Chainlink price.
- The $17.5 level, backed by 100-and-200-day exponential-loving average m creates a strong supply region.
- Analyst Ali reports 2.29 million LINK tokens accumulated by whales in just 10 days, showing growing long-term investor confidence.
Chainlink Price Records 30% Gain as Whale Accumulation Grows
In a recent tweet, crypto analyst Ali Martinez highlighted that whales have accumulated over 2.29 million LINK tokens in the past 10 days. The surge in accumulation by high-net-worth investors suggests growing confidence in Chainlink’s long-term potential amid a recovering crypto market.
The tweet highlights a clear uptick in whale holdings, typically wallets holding between 100,000 to 1 million LINK. Historically, such accumulation phases have preceded strong upward price momentum for LINK, as smart money positions itself before major rallies.
LINK Sess +20 Gain Before Hiring Major Resistance
In the last two weeks, the Chainlink price showcased a linear growth from the $11.85 low to the current trading value of $15.48, registering a 30% growth. An analysis of the daily chart shows this reversal as a bull cycle with the formation of a falling channel pattern.
Since mid-December 2024, the LINK coin price has been resonating within two downsloping trendlines which act as dynamic resistance and support. If the pattern holds true, the current recovery could rise another 26% to challenge the range resistance at $20.
A potential breakout from these barriers would be crucial to identify a renewed uptrend in Chainlink price.
On the contrary note, if LINK sellers continue to defend the upper boundary of the channel pattern, the current correction will extend further.
