This article is also available in Spanish.
Chainlink (LINK) has grown dramatically over the past few days, breaking through the key resistance level at $13 and posting a remarkable 35% gain. This latest rally has sparked optimism among analysts and investors, as LINK has faced strong resistance to the $13 mark since late July, struggling to sustain any momentum. Now, however, the market situation seems to be changing, many are expecting more of Chainlink’s future.
Related Reading
Supporting this positive outlook, important data from on-chain analytics company Santiment reveals that LINK whale activity has reached a 3-month high, with major holders accumulating LINK in significant amounts. This surge in whale activity is often a sign of confidence among large investors, suggesting that Chainlink’s recent surge may be just the beginning of a sustained rally.
As LINK breaks out of its months-long resistance and gains new momentum, the next few days will be crucial in determining whether this rally has the potential to reach higher price levels or will face new resistance. However, for now, Chainlink’s impressive performance has analysts speculating on its ability to maintain bullish momentum in the coming weeks.
Chainlink Whales Awake
Chainlink is showing signs of renewed strength, with the price rising above key resistance levels that have held the coin back for months. For the first time since July, LINK broke past $13.65, marking a significant change in its price action. This breakout comes at a time when key data points are showing the outlook for assets.
According to Santiment, Chainlink has been disconnected from the broader altcoin market, showing unique price performance within a returning market. One of the most compelling indicators is the spike in whale activity, which reached a 3-month high. Participants holding between 100K to 10M LINK have accumulated a massive token worth 369.8 million in 7 weeks, representing an 8.2% increase in their holdings.
This burst of whale activity often reflects confidence in future price strength, where large investors are positioning themselves for the next uptrend.
Related Reading
The accumulation of Chainlink whales, combined with its key levels of resistance and breaking prices, suggests that LINK is poised for continued growth in the coming weeks. As the rest of the market begins to recover and rise again, Chainlink’s separation from the pack could indicate that it is positioning itself to lead the charge in the altcoin space. Investors are paying close attention, as recent price increases and bullish behavior suggest that LINK may have continued bullish momentum.
LINK Checks for New Offers
Chainlink is currently trading at $13.5 after successfully breaking above the 200-day moving average (MA) at $12.9, a key level that shows a strong, long-term trend. This exit gave the bulls control, reinforcing positive sentiment about LINK’s price action. For the advance to continue, it is important that LINK holds the 200-day MA as support, as this level often marks the transition point between the bear and bull phase.
While LINK is showing strength above $13, a healthy bounce back around $12.5 could provide the fuel needed to advance if that level holds as support. A pullback of this type will allow the bulls to consolidate gains and lay a solid foundation for the next move.
Related Reading
Traders are eyeing $14.5 as the next key supply point, where LINK may face resistance as it approaches this level. If LINK manages to push above $14.5, it will show strong demand and could open the door to even higher levels in the coming weeks, as whale activity and overall market support become more profitable.
Featured image from Dall-E, chart from TradingView
Source link