- Whales scoop up LINK, hinting at a bullish price breakout.
- Chainlink retests $20 level as investors anticipate next major surge.
- Over 1.6 million LINK accumulated, signaling strong upward momentum.
Chainlink (LINK) is gaining strength in the cryptocurrency market following a steady rebound and aggressive accumulation by large investors. The token recently reclaimed the $20 level after retracing to $17.17, signaling a possible bullish setup.
According to crypto analyst Ali, LINK is currently undergoing a bullish retest at its breakout zone near $20. This move often suggests the asset is preparing for a stronger upward push. The rebound from recent lows has been consistent, with three consecutive daily gains leading to an intraday high of $19.56.
At the time of writing, LINK had gained 3.53 percent in the last 24 hours, reaching $19.53. The current price action points to a potential retest of the $20 mark, which could act as a launchpad for the next leg up. If the support holds, targets of $22 and $28 may come into play in the short to mid-term.
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Source: Ali-Charts
Whales Accumulate Over 1.6 Million LINK in Two Weeks
On-chain data reveals significant accumulation by whales during LINK’s recent consolidation. Over 1.6 million LINK tokens were obtained by large holders in only two weeks. This is the highest activity level of whales, and usually, this is a sign of increasing confidence in the future of an asset’s performance.
The buildup has occurred at a time when prices have been stable, outlining an organized purchase and not a speculative venture. Investors are monitoring the asset near a key level of support with the hopes that sustained buying may lead to a significant breakout.
Other than the technical setup, the frequency of whale entries has also been consistent with the steady increase of LINK from its starting price ($12.20) to its current peak above $20. The action has been seen as a show of confidence by long-term investors, who further strengthen the bullish trend taking form on Chainlink.
With the market looking past the strength of LINK to support the price at $20, the whales might be the best indicator of its next step. Sustained buying pressure from these major players may provide the fuel needed for a breakout and potential rally toward higher price targets.
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