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Chainlink (LINK) has experienced a dramatic price surge from below $7.40 to approximately $14.60, a stunning 125% increase within just 25 days. This meteoric rise can be traced back to a significant accumulation by the 200 largest LINK wallets, which collectively added 40.18 million LINK tokens to their holdings around Oct. 17. This influx of buying pressure from substantial holders likely contributed to the upward momentum in LINK’s price.
The daily chart provides further insights into Chainlink’s price action. After a sharp ascent, LINK is currently consolidating around $14.60, above both the 50- and 100-day moving averages, indicating a strong bullish trend. The moving averages are splayed out in a bullish formation, with the price holding well above them, suggesting that market sentiment remains positive.
Given the substantial holdings by the largest wallets, which remain high, there is a potential foundation for sustained price support. However, traders should watch for a break below the trend line or the moving averages, which could signal a shift in trend and a possible price reversal. If LINK maintains its position above these technical indicators, the bullish outlook could continue, potentially leading to further price gains in the foreseeable future.
However, as the volume decreases, traders and investors must remain vigilant. A decline in volume can sometimes signal a reduction in momentum, potentially leading to a price stabilization or a reversal. If the whales maintain their holdings or continue to accumulate, their influence could sustain the price. But if they begin to offload their holdings, the market could see a shift.
In the immediate future, if LINK maintains its trend above the critical moving averages and the ascending trendline, the bullish trend could continue. A break below these could signal a short-term reversal.
Source: https://u.today/this-is-who-pushed-chainlink-link-price-to-sky