Is Chainlink Price About To Soar 100%? Bulls Scoop $165M LINK

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As an experienced analyst who has witnessed the crypto market’s ebb and flow for several years now, I can confidently say that the recent accumulation of Chainlink (LINK) by whales and the breakout from a prolonged descending triangle pattern is indeed a promising sign for LINK bulls. The increased demand, coupled with the strong bullish momentum displayed in the latest breakout candle, indicates a potential trend reversal to bullish.

Over the last week, Chainlink’s price has jumped by 13%, peaking at $15.2. However, it has since dropped 10.4% and is currently trading at $13.37 due to Bitcoin‘s dip. Despite this recent decline, enthusiasts of LINK are unfazed as they have accumulated an additional $165 million in tokens over the past week. Could this increase in holding suggest that large Chainlink investors are positioning for a potential doubling of its price?

Chainlink Whales Add $165M Bullish Signal For Chainlink Price?

Over the last two months, substantial amounts of Chainlink’s cryptocurrency (LINK), totaling approximately 15 million units with a value of around $165 million, have been amassed by large investors, often referred to as “whales.” This growing interest may well have played a role in the recent upward trend of LINK’s price, which has risen by up to 13%.

Large investor interest frequently indicates high faith in a cryptocurrency’s future prospects, potentially enticing additional investors and further boosting its price. Recent data from Coingecko suggests an uptick of 5% in Chainlink’s trading volume over the past day, hinting that investors may be gearing up to elevate Chainlink again following its dip.

Breaking Resistance: Will LINK Price Double From Here?

The price of Chainlink has burst through a long-standing downtrend triangle structure, hinting at a possible shift in trend from negative to positive. If it manages to surpass the resistance area near $13 convincingly, this might signal the beginning of an uptrend, as long as the breakout is sustained.

The latest candlestick indicates robust uptrend, as it has a large body that surpasses the resistance level. This suggests a favorable scenario where buyers seem to be dominating the market.

If the descending triangle pattern is broken, it suggests a potential 87% increase in value, approximately reaching $25.30. This projected rise is calculated by measuring the height of the triangle from the breakout point. If the LINK price trend continues to show higher highs and lows, this move could initiate a new surge, potentially marking the start of a fresh impulse wave.

LINK Price Outlook: Can Chainlink Sustain Momentum for a 100% Surge?

As we climb higher, the projected Chainlink price encounters an immediate hurdle approximately at $15.34 (recently reached its maximum), and beyond this, a significant obstacle arises at $22.87, which coincides with a past annual high point.

The LINK exchange liquidation map on Coinglass shows that more long traders are long on LINK than short traders. Over the last week, derivative traders have opened $30.84 million long positions compared to $26 million Shorts. This imbalance suggests that traders re bullish on Chainlink price as they anticipate it may surge higher.

Examining the Liquidation Map reveals potential support areas at approximately $11.86 and $12.46. However, the strongest support seems to be at $13.06, which aligns with a significant support level for LINK as indicated on the price chart.

In an ideal scenario, this stage serves as a base for validating a price surge. If the sellers manage to drive the cost down, Chainlink may encounter additional resistance around $10.50, which aligns with the lower trendline of the descending triangle.

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2024-11-13 13:36