Chainlink Cryptonewsfocus.com
- Chainlink’s price has surged 13% recently as whales bought $165 million in LINK, signaling strong investor confidence and a potential 100% upside to $26.
- Analysts expect further gains if LINK maintains support above $13, with technical indicators showing bullish sentiment and robust support levels.
The cryptocurrency market has seen Chainlink (LINK) price action heat up recently, with a 13% gain after whales purchased an impressive $165 million worth of LINK tokens. Despite a brief pullback to $13.37 from a high of $15.2, many investors remain bullish, eyeing a significant price target of $26, which represents a possible 100% increase from its current support level.
Whale Accumulation Drives Chainlink Price Hike
Over the past two months, large investors—often referred to as “whales”—have collectively accumulated over 15 million LINK tokens, valued at $165 million. Data from analytics platform Santiment highlights this whale activity as a major signal of confidence in LINK’s future price performance. Increased whale holdings often imply heightened demand and can catalyze further investment interest, contributing to the asset’s recent 13% rise.
Breaking Resistance: Pathway to a 100% Upside?
Chainlink’s price has recently broken out of a descending triangle pattern, a technical signal indicating a possible shift from a bearish trend to a bullish one. This breakout from a prolonged resistance around $13 hints at a fresh upward trajectory. Analysts are now eyeing the $25.30 mark as a potential upside target if this breakout holds, estimating an 87% rally based on the height of the triangle pattern.
The most recent candlestick data shows a solid bullish breakout, characterized by a robust price increase above resistance. If LINK can sustain this level, it’s possible that a new impulse wave is beginning, which would attract even more investor interest and could support continued gains in the near term.
Technical Indicators Signal Strong Support for Bulls
Further supporting a bullish outlook is the imbalance between long and short positions among futures traders. Data from Coinglass shows that in recent trading, investors have opened $30.84 million in long positions compared to $26 million in shorts. This long-heavy trend suggests that many traders anticipate a higher LINK price in the near future.
On the downside, Chainlink has built support levels around $11.86, $12.46, and $13.06. As long as the price remains above these support zones, the bullish momentum is expected to hold. Should LINK encounter a bearish push, additional support is expected around the $10.50 mark, which aligns with the lower trendline of the previous descending triangle pattern.
LINK’s Path Forward: Can it Achieve a 100% Surge?
With whales steadily adding to their holdings and market indicators leaning bullish, Chainlink appears positioned for significant potential gains. If LINK sustains its momentum and successfully tests higher resistance levels, it could see a surge up to 100%, giving early investors a chance at considerable returns.
