Chainlink is up 20% as LINK whales accumulate. As Chainlink prices recover, bulls must convincingly break $20 for the LINK price uptrend to sustain.
Chainlink, like top altcoins, including Solana and Cardano, remain volatile. Buyer sentiment remains upbeat, but LINK is struggling for the uptrend, at least from the top-down preview. Indeed, after breaking $20 in March, the token plunged by 50%, bottoming out from around $11.
Last 3 days $LINK 🐋🐋 keeping busy!! pic.twitter.com/lu6PM1HTKd
— Arca (@arcamids) July 15, 2024
LINK Price is Rising, Whales Accumulating
Since posting July lows, LINK has been on an uptrend, adding roughly 20% in the last two weeks.
Coincidentally, whales, or large investors, have been actively accumulating, buying over 10 million LINK worth more than $120 million during this time.
(Source)
Usually, the involvement of whales is a net positive for any token; this time, LINK.
Their engagement means they are bullish about what lies in the future.
Technically, the flow of whales could signal the resumption of the leg up from September 2023.
Pasting a Fibonacci retracement from the swing high to low shows that LINK found support at the 61.8% Fibonacci retracement line.
(LINKUSDT)
This is a crucial level, and often, whenever any coin or tradable asset finds support in this area, prices tend to recover steadily, flying to retest and even reclaim the swing high.
If this guides, there is a high probability of LINK soaring to $20, meaning there could be more room for gains.
So far, confidence is building up.
The engagement of whales has seen LINK reverse all July 4 losses. At the same time, the token is above the 20-day moving average for the first time in over four weeks.
From the LINKUSDT candlestick arrangement, the immediate liquidation and bull target for active buyers is $15. If broken, LINK may soar to over $20, as mentioned earlier, in a buy trend continuation formation.
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Chainlink Holders Capitulated But Holders Moving Coins From Exchanges
Parallel data from Santiment reveals that LINK holders are in the red, with losses exceeding $80 million since early July.
The spike in realized losses means some traders might be capitulating, dumping on every leg up.
(Source)
Even as some sell, IntoTheBlock data shows that more LINK holders are moving their tokens from exchanges. Over the week, more than $76 million of LINK were moved from top exchanges like Binance.
(Source)
The more tokens are moved from exchanges, the more positive sentiment becomes since analysts interpret this as accumulation. This means Chainlink holders are confident of what lies ahead and prefer to HODL directly on their wallets rather than in custodial exchanges.
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Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
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