Chainlink (LINK) Primed for Next Bull Run; $20 Incoming?

chainlink

With Chainlink currently stabilizing around $14, experts foresee an 80% surge in the next 3-6 months, especially with the upcoming Bitcoin halving.

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Chainlink’s own cryptocurrency, LINK, experienced a remarkable price surge, jumping from $7 to $14 earlier this year. Yet, the bulls have taken a break as the Chainlink (LINK) price hovers around $14. Despite this consolidation, market analysts are optimistic, suggesting that Chainlink might be preparing for the next phase of its bullish trend.

Chainlink (LINK) Analysis: Bulls Eyeing $25 Target Amidst Key Resistance

As the Chainlink (LINK) price stabilizes around the $14 mark, analysts like Michael van de Poppe and Bluntz believe that the bulls are currently in control, as long as this level is maintained. Van de Poppe assesses Chainlink’s consolidation phase and notes the absence of indications of a retest at $8. According to him, entry points within the $11 to $14 range are considered favorable. Looking ahead, he sets a target of $25 for the next 3-6 months, suggesting that the upward cycle has begun, and periods of consolidation present opportune moments for market entry.

Bluntz, a notable analyst with a substantial following on X, identifies bullish reversal signals for Chainlink (LINK) on the eight-hour chart. Noting the completion of the fifth wave down and highlighting a high time frame bullish divergence, Bluntz, using Elliott Wave theory, suggests a significant wave four low. The prediction puts $20 as the next target for LINK, with acknowledgment of potential challenges for those who may have capitulated during market movements.

Courtesy: Bluntz Capital

However, crypto analyst Ali Martinez points out a substantial hurdle for Chainlink before reaching this milestone. A significant resistance zone lies at $15, where approximately 73.6 million LINK tokens are held by 19,000 addresses. Martinez emphasizes the importance of overcoming this resistance, stating that success at this level could pave the way for further upward movement in Chainlink’s price trajectory.

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Courtesy: Ali Martinez

Chainlink (LINK) Whales Accumulate $332 Million Amidst Integration Boost

According to data from IntoTheBlock, large holders of LINK tokens have been consistently increasing their holdings following an announcement by Nailwal. Between December 15 and December 17, these significant investors added a substantial 23.44 million LINK tokens to their wallets. The Large Holder Netflow metric, gauging the daily difference between outflows and inflows from wallets with at least 0.1% of the total circulation supply, reflects this upward trend.

Evaluated at the 5-day average price of $14.20, these whales have now amassed LINK tokens valued at $332 million since the integration of Chainlink price feeds with Polygon. This accumulation coincides with positive developments in the Chainlink ecosystem, signaling growing confidence among large investors.


Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.

 

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  • Asad

    Asad is a dynamic and talented cryptocurrency content author who brings a wealth of knowledge and enthusiasm to every article. With a deep understanding of blockchain technology and a passion for digital assets, Asad's writing is both informative and engaging.

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