Chainlink Rockets 20%: Whale Activity Sparks Break From Bear Trend
Chainlink (LINK) is experiencing significant growth in the cryptocurrency space, with its value increasing by 20% in just one week, and its long-term trajectory may change.
Cryptocurrency has been on a downward trajectory for months; however, it is currently showing significant strength signs of recovery. The next significant level for LINK is $17, and investors and experts are keeping a close eye on the stock.
After breaking out of a descending channel and above a key exponential moving average, Chainlink started to attract attention from both institutional and retail investors. This technical breakthrough could pave the way for even bigger gains.
Whale activity boosts confidence
Whale activity is one of the main drivers of LINK’s current upward momentum. as Enter the neighborhood If anything, large LINK trades have gained 8.56% in the past 24 hours. This spike suggests that large corporates are very bullish, and that hasn’t gone unnoticed.
Retail interest is also on the rise, with new addresses up 2.10% and daily active users up 1.09%. Chainlink is reportedly trending on social media Santiment’s research, Its sentiment and weight indicators showed growth of 0.28%. Investors are buzzing with buzz, and that buzz is driving LINK’s upward growth.
LINK price action
Currently trading at $16.94, having gained 11% in the past 24 hours, Chainlink is poised to make the next leap and break above the $17.12 resistance. Analysts believe that $30 is more likely if the designated threshold is breached. Some predict that continued momentum could push LINK to retest its all-time high of $52.88 set in May 2021.
The entire cryptocurrency market is experiencing a bull run in November, with Bitcoin remaining above $98,000. This broader confidence is bolstering Chainlink’s potential, but it still needs to catch up to its previous highs.
#Chainlink
is trying to break through multi-year resistance. May enter a bullish expansion phase. + Confirmation of weekly RSI breakout. $LINK#cryptocurrency $Alts
— Kevin Svenson (@KevinSvenson_) November 22, 2024
A rally is brewing
Coinglass data shows an increase in Chainlink futures trading volume, indicating growing curiosity and confidence among traders. Additionally, a surge in open interest in LINK will help support the positive story. While technical indicators and market sentiment predict the future, reaching new all-time highs requires continued market confidence and the right conditions.
Chainlink is currently riding a wave of optimism, driven by whale activity and growing retail interest. If it can continue on this trajectory and break through key resistance levels, LINK may be able to surprise everyone and return to its former glory.
Featured images from DALL-E, charts from TradingView
