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Whale Accumulation Positions LINK for $20 Breakout
Chainlink Price Analysis: Bitcoin’s price jump to $65,000 on Wednesday has triggered renewed rallying sentiment in the cryptocurrency market. While most major currencies showed a notable recovery, the Chain shirt The coin has attracted investors’ attention as the asset has surged for three consecutive days amid whale accumulation and rising social dominance. LINK price heading towards $20?
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Chainlink Sees Significant Increase in Market Cap Amid Whale Accumulation and Increased Social Dominance
Shirt Price Analysis | Tradingview
The latest correction trend in Chain price they found adequate support at the 61.8% Fibonacci retracement level, a key technical level that strengthens buyers with a strong foothold and counterattack.
With renewed demand pressure, LINK price has developed two notable higher lows on the daily chart, indicating that buyers are accumulating this asset on market dips. Wednesday, when the Bitcoin price rose to $65,000, Chainlink price rebounded from $12.80 and increased 25% in three days, reaching $16.
The rising price gave a decisive break from the resistance trend line which brought an active correction for the last two months.
In the context of the recent market recovery, Chainlink’s market capitalization has seen a notable increase of 14% since yesterday. According to data from Most Holy, this sharp increase is largely due to the growing number of large keepers, commonly known as whales. The number of Chainlink whales, or wallets containing 100,000 or more LINKS, increased by 4.6% in just five weeks, bringing the total to 564.
Data from the platform shows that social discussions around Chainlink have reached the highest level since October 21, 2023, a seven-month high. If the current trend of increasing social dominance continues without being overshadowed by fear of missing out (FOMO), bullish conditions for Chainlink are likely to persist.
If the breakout holds, Chainlink price should fall within the potential target of $18.6, followed by $20.7 and $22.8.
Technical indicator:
- Exponential Moving Average: The 20 days recently recovered EMA can assist LINK price with dynamic support during occasional pullbacks.
- ADX: The ADX’s upward slope at 22% indicates that buyers have enough momentum to lead a higher rally.
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