Chainlink ‘Ready To Breakout’: Analyst Eyes $50 Target Amid Whale Accumulation
On Thursday, Chainlink (LINK) climbed from Monday’s lows, reclaiming the $23 mark for the first time in more than a week. The surge has fueled bullish sentiment among investors, with some market observers predicting the stock will break out to new highs.
Chainlink whales continue buying spree
Chainlink has gained 9% in the past day, hitting the $23 mark for the first time in ten days. association Regroup The stock surged 200% in a month along with the rest of the market during the post-election rally.
During this rally, the cryptocurrency broke above the 2024 Mach high of $22 and reached a new multi-year high of $30. However, a pullback in December halted LINK’s momentum, with Chainlink hovering between $20 and $25 for the remainder of the month.
LINK attempted to retest the $25 resistance zone at the start of the year, but pulled back during the latest market correction, pushing the price to $18, its lowest level in over a month.
The cryptocurrency has soared 27% from Monday’s lows amid the current market recovery, catching the attention of analysts and large investors. Altcoin Sherpa send a signal LINK could be in for a “V-shaped reversal” after recovering from its recent market “nuke.”
On Thursday, cryptocurrency analyst Ali Martinez Highlight Whales have “significantly accumulated” LINK over the past few days. According to the post, large investors have purchased 1.35 million LINK since January 14, worth approximately $31 million.
Notably, whales have purchased large amounts of LINK over the past few weeks. In late December, Chainlink whales purchase Approximately 3.58 million LINK tokens, worth $77 million. Meanwhile, on-chain data shared by analysts shows that these wallets purchased 1.4 million tokens in the first four days of 2025.
LINK at critical levels
Martinez said buying pressure could further boost LINK’s momentum. Chainlink has been forming a bull pennant since hitting its December highs, but failed to break above the upper trendline earlier this month.
However, today’s gains have seen LINK’s price break above the pattern’s upper trendline and, according to analysts, target $50. Cryptocurrency analyst Jelle noted that Chainlink tested key resistance levels as support.
Previous Analyst point out After a “painful retest” and “firmly” holding key levels, Chainlink’s weekly chart is “slowly turning into something truly beautiful.”
Jelle noted that LINK turned the $18-20 resistance zone into support after its recent retracement and rebound. This area has been a key level for the coin as Chainlink has rallied to all-time highs (ATH) and new local highs before turning support.
Ultimately, Jelle set an initial target of $30 for LINK before entering a new ATH. As of this writing, Chainlink is trading at $23.56, up 6% from the daily time period.
