Speculations about a Chainlink (LINK) rally are now emerging following the recent surge in whale detection of Chainlink tokens.
The last two months have seen large holders, or “whales,” buy over 15 million LINK tokens worth around $165 million.
This uptick in whale activity could mean that big players are betting on the market to go up. Often, such moves involving large amounts tend to affect price trends.
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As the whales stacked up, Chainlink increased in value by 21% over the past month, outperforming many other crypt assets.
The rally has pushed LINK to a trading price of roughly $13.37, quite high from its lows of late.
Chainlink (LINK) Technical Analysis: Signs of Continued Momentum
For a closer look at its potential for sustained growth an in-depth analysis is required. LINK’s price is tracing up on a rising trend, according to the technical levels.
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Notably, it has broken above its 50-day and 100-day simple moving averages (SMA), normally considered key bullish momentum.
If the market’s current condition remains, LINK will likely stabilize above these levels and be poised to increase.
The Awesome Oscillator (AO) also reflects bullish sentiment. It reflects a positive trend over the last month. However, recent sessions have shown a bit of consolidation.
This could be a retracement rather than a reversal, and LINK’s movement could halt, building strength for one more push-up.
What Next: Tracking Upcoming Price Moves
LINK’s price is trading just above $13.40 on the 4-hour chart. It has displayed as a minor pullback in recent trading hours.
Though there’s a lot of support at $12.32 and $11.83 now, depending on whether or not there are enough support levels in place, they may result in preventing further downside and forming a base for another potential move up.
Maybe this is a healthy consolidation phase in the market post recent gains . It would prevent LINK from overheating and prepare the ground for a more sustainable rally.
The token might be onto something with the whale accumulation alongside the strong technical indicators we see.
This could mean the token’s recent growth may be more than a short-term spike, adding to the possibility of stronger price action ahead. If current trends continue, Chainlink is likely to grow in the next weeks.
As large holders have accumulated it with confidence, there will be more room for them to purchase the asset and potentially entice more retail investors and other market participants.
With Chainlink otherwise holding ground above key support levels, its price may be poised to resume running higher. This places it as a token to watch near the end of the year.
