Chainlink (LINK) Price Prediction: LINK Primed to Rally 50% as Whale Activity Hits 3-Month High
- Linda HamiltonOriginal
- 2024-11-09 12:12:24244browse
Chainlink's price momentum has recently sparked speculation of a possible rally to $30, as key technical indicators align.
Chainlink’s (CRYPTO: LINK) price動き has sparked speculation of a possible rally to $30, as key technical indicators align.
What Happened: As LINK price rose on Monday, analysts at World of Charts observed a crucial descending trendline forming the top of a bullish flag pattern. The recent uptick in buying interest pushed the token above the $13.67 level for the first time since July. This breakout, coupled with high whale accumulation, suggests that large investors are positioning for further price gains.
According to Santiment, large holders with balances between 100,000 and 10 million LINK have quietly added another $369.8 million to their bags over the last seven weeks. This accumulation, which began in early October, now sees these whale wallets holding a total of $4.8 billion in Chainlink.
Meanwhile, a Chainlink price prediction from CoinGape suggests that the token may be on the verge of a 50% rally. The publication noted that LINK’s recent breakout from a descending trendline and accumulation zone could propel the token towards $20.
On the other hand, exchange outflows have been a key factor in Chainlink’s recent price appreciation. Data from CryptoQuant shows a trend of consistent LINK outflows from exchanges, with spot exchange netflows turning increasingly negative. On November 8th, LINK outflows spiked to a 30-day high, reflecting a reduced willingness among traders to sell.
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