Chainlink (LINK) has been of interest lately as whale investors have accumulated more than 15 million tokens, valued at approximately $165 million. This accumulation appears to align with a recent price uptrend, reinforcing the role of large-scale investors in the cryptocurrency’s market trajectory.
The Chainlink chart, shared by analyst Ali, reveals trends that hint at ongoing market momentum and potential future price levels. The Chainlink price chart, highlighted by analyst Ali, showcases a distinct price movement for LINK.
Observing a steady increase from late October to early November 2024, LINK’s price rose from around $13.50 to over $15. This upward trend appears correlated with recent whale activity, as large investors accumulated over 15 million tokens, further intensifying buying pressure.
The timing suggests whale purchases likely supported the price increase, signaling optimism in LINK’s long-term potential. The accumulation period coincided with Chainlink’s approach to a resistance zone near the $15.50 mark.
However, the price briefly touched this level before pulling back, highlighting this as a key area to monitor. Market watchers suggest that breaking through this resistance could prompt further gains for LINK.
LINK’s Support and Resistance Levels
The chart analysis indicates that Chainlink’s price has found consistent support between $13.00 and $13.50. This area has been retested multiple times, with noticeable buying activity reflected in green candles on the chart.
As prices approached this support, LINK rebounded, affirming this as a pivotal demand zone. If LINK maintains its hold here, it may provide a foundation for future growth as whale interest persists.
The resistance around $15.50 remains a key threshold. If LINK’s price surpasses this level, it could open the door for additional upward movement. Conversely, if resistance holds, LINK may continue trading within the established range until more market signals emerge.
Read also: Solana’s Rally at Risk? Key SOL Indicators Signal Possible Reversal Ahead
Volume Trends and Market Sentiment
During the price uptrend, the trading volume for LINK also increased, suggesting that buying interest wasn’t limited to whales alone.
The volume chart indicates a steady rise in market participation, supporting the narrative of genuine buying interest beyond whale accumulation. Volume spikes on upward price movements reflect a broader market sentiment aligning with the positive trend for LINK.
Technical Indicators and Moving Averages
The EMA ribbons on the chart have consistently supported the bullish trend. The alignment of these EMAs suggests continued upward momentum, as LINK remains above these levels.
If the trend holds, LINK may experience further price support from these technical indicators. A price break above resistance, alongside EMA alignment, could strengthen the bullish outlook in the near term.
Per CoinGecko, LINK is priced at $13.36 today, with a 24-hour volume of over $1.3 billion, representing a 13.25% gain over the past week.
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