Chainlink (LINK) Price Surges 12% in Four Days: Is a Bull Run Imminent?
The Chainlink (LINK) token has been on a tear lately, rising 12% in just four days. This surge follows a double-bottom reversal pattern from the $12.242 support zone. Analysts are closely watching LINK’s price action, particularly after whales were spotted buying up over 10 million LINK tokens in the past two weeks.
Chainlink Price Analysis: Bullish Signals
The recent price action is encouraging for LINK bulls, with momentum indicators pointing towards a potential bull run. The token currently trades in the $14 range, and some analysts believe it could reach the $20 mark in the coming weeks. The breakout rally is gaining steam, although a recent intraday dip suggests a potential retest of the broken resistance trendline.
Whale Activity Fuels Optimism
A recent tweet by crypto analyst Ali reveals that whales have been accumulating LINK, adding over 10 million LINK tokens to their wallets in the past two weeks. This massive accumulation, valued at nearly $140 million, is a strong sign of confidence in LINK’s future.
Potential Roadblocks
While the outlook for LINK is currently bullish, there are a few potential roadblocks that investors should keep in mind. The $16.75 resistance level represents a significant supply zone that could hinder upward momentum. It is important to monitor this level closely as the price approaches it.
Overall, Chainlink’s recent price performance is promising. With whale activity driving the rally and momentum indicators pointing towards further gains, LINK could be poised for a significant run-up. However, investors should be aware of potential resistance levels and manage their risk accordingly.
