As a seasoned researcher with years of market analysis under my belt, I can confidently say that the recent surge in Chainlink (LINK) price is nothing short of remarkable. The whales and traders working together to push LINK’s price upward is reminiscent of a well-coordinated dance, with each move meticulously calculated to create maximum impact.
The price of Chainlink has bucked a downward trend that could have led to a drastic fall to approximately $5.00. With an increase in whale activity, the asset surged by 9.5% over the past day. Furthermore, traders are becoming optimistic about the asset and are buying it in expectation of further growth. If the market sentiment continues to be bullish, around $1.22 billion worth of LINK currently at the money could potentially move into profit.
Whales and Traders Are Pumping Chainlink Price
According to information from Coinglass and Santiment, whales and traders are collaborating to drive up Chainlink’s price. A significant increase in LINK tokens with profits exceeds the monthly record, implying that numerous Chainlink investors are currently earning a profit.
Furthermore, Data from IntoTheBlock Global In and Out of Money (GIOM) indicates that approximately 10.79% of all Chainlink tokens currently in circulation, amounting to around $1.35 billion, could potentially yield a profit if the price of LINK continues its upward trend.
Additionally, the Market Value to Realization Value (MVRV) has significantly grown, moving from 0.24% on August 18th to a current level of 12.16%. This indicates an upward trend in unrealized profits, mirroring the GIOM metric’s findings.
According to Santiment’s data, the number of significant transactions by ‘whales’ (large cryptocurrency holders) progressively rose from August 18th and reached its highest point on August 21st. This was coincident with Chainlink’s price breaking free from a symmetrical triangle, which typically indicates a bullish trend instead of the expected bearish one. The surge in whale activity, coupled with rising prices, implies that these large investors might be stockpiling (accumulating) Chainlink.
Currently, traders are growing optimistic based on the Coinglass Crypto Derivatives Screener’s data. In the 15-minute time frame, it appears that traders are closing their short positions, indicating a profit. On the other hand, in the 24-hour timeframe, new long positions are being opened. This suggests that scalpers are cashing out their short-term profits and preparing to invest in longer-term buy positions because they anticipate that the LINK price might increase further.
Chainlink price prediction shows that continued bullish sentiment may catapult the token to $15.00.
LINK Price Analysis: Defiant and Aggressive Rally to $15.50
As a researcher, I’ve recently observed an interesting development with LINK. It has broken out from a bear pennant, which is often a sign of continuation in its price trend. This breakout was backed by a robust bullish candlestick, suggesting potential for further upward momentum. The magnitude of this bullish candlestick also points towards substantial buying pressure, adding credence to the positive signal.
The cost might encounter some obstacles near $11.97. If it surpasses this point, it could indicate the onset of a bullish phase, with the next substantial barrier at $13.97. Beyond that level, it may aim for its earlier peaks around $15.50.
The Coppock Curve indicator is currently at 2.74, indicating a possible early signal of a bullish reversal after a prolonged downtrend.
As an analyst, I believe that surpassing the $13.97 threshold in today’s close with substantial trading volume might point towards a sustained breakout. This breakout, if confirmed, may suggest a prolonged uptrend in price action for the longer term. If the breakout holds, potential targets could be around $15.50 or even higher.
At approximately $11.00, the foundation of the triangle is acting as an immediate line of defense. If the price of LINK falls below this level, it could signal a weak market. Under such circumstances, it might be wise to rethink any long-term positions, as they could suggest a continuation of bearish trends and potentially invalidate the bullish setup.
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2024-08-22 14:06