Chainlink Price Prediction As Buyers Escape 22-Months Accumulation

Chainlink Price Prediction: The Chainlink (LINK) price recently experienced a significant rebound, climbing 23% from a local support level of $18 to currently trade at $20. This resurgence in value is backed by a noticeable increase in trading volume and a steady rise in network activity. Notably, the price recovery surpassed the neckline resistance of a cup and handle pattern, hinting at the possibility of further gains.

Also Read: Can Massive Whale Accumulation Fuel Chainlink Price Rally to $30?

Can Chainlink Price Sustain Above $20?

In late January, Chainlink entered a recovery phase, with its price bouncing back from $13.50. This positive momentum led to a 46.7% increase in the LINK price over three weeks, hitting the $20 mark for the first time in 2 years. A closer look at the higher time frame charts revealed that this uptrend recently overcame the $17.5 neckline resistance of a long-term cup and handle pattern.

Such a pattern development is often viewed as a preliminary indicator of a downtrend reaching its bottom, offering traders a fresh entry point

Moreover, an analysis of Intotheblock’s content partner @EkponoAkwaowo highlighted that the Chainlink ($LINK) has hit a 22-month peak, surging by 11% to break the $20 threshold. The rise in $LINK’s value coincides with a notable uptick in the network activity, including both an increase in active addresses and the creation of new ones. 

$LINK hits a 22-month high as it surges by 11% breaking the $20 mark for the first time in years!

Also, there’s an increase in active addresses and creation of new addresses with noteworthy whale activity as a specific player goes on a buying spree.

📈https://t.co/71uoZqSKH5 pic.twitter.com/vW7XBaAucI

— champagne mami 💕 (@EkponoAkwaowo) February 12, 2024

This activity has been highlighted by significant whale transactions, suggesting a concentrated buying spree by large stakeholders. If this trend continues, the Chainlink price could potentially increase by another 50%, reaching a target of $30. Nevertheless, this ascent is expected to include brief periods of retracement as the asset consolidates its gains before continuing its upward trajectory.

Also Read: Here’s Why Chainlink (LINK) Price Is Set for Another Leap in Feb

Technical Indicator

• Bollinger Band: The Bollinger Band indicator challenge on the upside hints that buyers are currently dominating this asset.
• Average Directional Index: A high value of ADX reflects the 37% the LINK is poised for a minor pullback to recuperate the exhausted bullish momentum.

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Sahil is a dedicated full-time trader with over three years of experience in the financial markets. Armed with a strong grasp of technical analysis, he keeps a vigilant eye on the daily price movements of top assets and indices. Drawn by his fascination with financial instruments, Sahil enthusiastically embraced the emerging realm of cryptocurrency, where he continues to explore opportunities driven by his passion for trading

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.