Chainlink ($LINK) On The Verge Of Major Breakout As Whale Accumulation And Bullish Pattern Drive Momentum

Chainlink ($LINK) has surged past $13.65 for the first time since July, decoupling from other altcoins as it eyes a potential breakout.

Whale activity around $LINK is at a three-month peak, with key holders of between 100,000 and 10 million $LINK tokens accumulating an impressive $369.8 million worth over the past seven weeks—a notable 8.2% increase in their holdings.

🔗📈 Chainlink has decoupled from the altcoin pack, breaching $13.65 for the first time since July. Whale activity is at a 3-month high, and key stakeholders holding between 100K-10M LINK have accumulated $369.8M worth of the coin in 7 weeks, a +8.2% increase in their holdings. pic.twitter.com/T1BzeVjS7V

— Santiment (@santimentfeed) November 8, 2024

In the next 24 hours, the market is laser-focused on Chainlink’s price movement. $LINK has formed a bullish ascending triangle pattern, positioning it for a possible breakout if it surpasses the critical $15 mark. If $LINK closes a daily candle above $15, analysts project a potential surge of up to 48%, setting a target of $20 in the coming week.

$LINK Token Price Action 

Technical indicators add weight to this optimistic outlook. $LINK is currently trading above the 200-day Exponential Moving Average (EMA) on the daily chart, signaling sustained upward momentum. The Relative Strength Index (RSI) is at 64.84, further reinforcing the uptrend as the token continues to gather strength.

Additionally, $LINK’s open interest has climbed by 11.5% over the past 24 hours, a sign of increasing trader interest and a rise in active positions. This uptick in open interest highlights growing confidence among traders in Chainlink’s bullish trajectory.

$LINK has formed a bullish ascending triangle pattern and is on the verge of breakout at $15 today. 📈

If #Chainlink rises and closes a daily candle above $15 level, it is highly to soar by 48% to reach $20 next week.🚀#LINK is trading above 200 EMA on the daily time frame,… pic.twitter.com/mLfNmGb8EK

— Coinpedia Markets (@MarketCoinpedia) November 9, 2024

With whale accumulation and strong technical indicators supporting a potential rally, Chainlink’s trajectory in the days ahead could define its momentum through the end of the year. A breakout past $15 could mark a turning point, making $LINK one of the most watched assets as it aims for new highs in the volatile crypto market.

Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.

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