Chainlink Hits $13.5 For The First Time Since July – Smart Money Accumulation?
09 November 2024 - 9:00PM
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Chainlink (LINK) has surged impressively over the past few days,
breaking above the critical $13 resistance level and posting a
remarkable 35% gain. This recent breakout has ignited optimism
among analysts and investors, as LINK has faced strong resistance
around the $13 mark since late July, struggling to sustain any
upward momentum. Now, however, market sentiment appears to be
shifting, with many anticipating further upside for Chainlink.
Related Reading: Ethereum Analyst Sees Altseason Potential As BTS
Is Still Outpacing ETH – Time To Buy Altcoins? Supporting this
bullish outlook, key data from on-chain analytics firm Santiment
reveals that LINK whale activity has reached a 3-month high, with
large holders accumulating LINK in significant quantities. This
increased whale activity is often an indicator of confidence among
major investors, suggesting that Chainlink’s latest surge could be
just the beginning of a more sustained rally. As LINK breaks free
from its months-long resistance and gains renewed momentum, the
next few days will be crucial in determining whether this rally has
the strength to reach higher price levels or if it will encounter
fresh resistance. For now, however, Chainlink’s impressive
performance has analysts speculating on its potential to maintain
bullish momentum in the coming weeks. Chainlink Whales Waking Up
Chainlink is showing signs of renewed strength, with the price
surging above key resistance levels that have held the coin back
for months. For the first time since July, LINK has broken past
$13.65, marking a significant shift in its price action. This
breakout has come at a time when critical data points are signaling
a bullish outlook for the asset. According to Santiment, Chainlink
has decoupled from the broader altcoin market, showing a unique
price performance amidst a recovering market. One of the most
compelling indicators is the spike in whale activity, which has
reached a 3-month high. Stakeholders holding between 100K to 10M
LINK have accumulated a massive $369.8 million worth of the token
in just 7 weeks, representing an 8.2% increase in their
holdings. This surge in whale activity often signals
confidence in a token’s future price potential, with large
investors positioning themselves for the next leg of growth.
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Bullish On BTC With $1.38 Billion Record Inflows Accumulation by
Chainlink whales, combined with its price-breaking key resistance
levels, suggests that LINK is poised for continued growth in the
coming weeks. As the entire market begins to recover and rise
again, Chainlink’s decoupling from the pack could indicate that
it’s positioning itself to lead the charge in the altcoin space.
Investors are watching closely, as the recent price surge and whale
behavior suggest LINK could experience sustained bullish momentum.
LINK Testing New Supply Chainlink is currently trading at $13.5
after successfully breaking above the 200-day moving average (MA)
at $12.9, a key level that signals a strong, bullish outlook for
the long term. This breakout has given bulls control, reinforcing
positive sentiment around LINK’s price action. For the uptrend to
continue, it’s crucial that LINK holds the 200-day MA as support,
as this level often marks a turning point between the bear and bull
phases. While LINK shows strength above $13, a healthy retrace to
around $12.5 could provide the fuel needed for further upside if
that level holds as support. A pullback of this nature would allow
bulls to consolidate gains and set a stronger foundation for the
next move. Related Reading: Solana Breaks Above Key
Resistance – Top Analyst Sets $300 Target Traders are eyeing $14.5
as the next significant supply zone, where LINK may face resistance
as it approaches this level. If LINK manages to push above $14.5,
it would signal robust demand and potentially open the door to even
higher levels in the coming weeks, as whale activity and overall
market sentiment support further gains. Featured image from Dall-E,
chart from TradingView
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