LINK Facing Threat to $25 Resistance as Whale Accumulation Rises
Over the last day, Chainlink [LINK] has experienced a notable increase in whale activity, with large holders acquiring 1.35 million LINK tokens. This substantial accumulation indicates growing confidence in Chainlink’s future prospects.
This surge could be attributed to upcoming network enhancements, the project’s expanding use cases, or a recovering overall cryptocurrency market sentiment.
Current Performance in the Market
As of the time of publication, LINK was trading at $20.40, showing a 3.39% uptick in the past 24 hours. The daily trading volume reached around $496 million, highlighting strong market participation and heightened trader engagement.
Over the past week, LINK has been trading in a range between $19 and $25. Despite this gain, the token is still 61.55% below its peak of $52.99, reached in May 2021.
This difference sets the stage for potential further advancement, especially with positive fundamental signals indicating growth.
Maintaining levels above $20 demonstrates Chainlink’s resilience, cementing its status as a significant player in the cryptocurrency sphere, attracting investors with a long-term perspective.
Analysis of LINK’s Price Movements
The recent price actions of Chainlink suggest a period of consolidation, with fluctuations spanning $19 to $25. This sideways movement suggests traders are anticipating a definitive breakthrough.
The surge in whale activity could serve as a driver for upward momentum, as substantial accumulation often precedes price rallies.
Technically, LINK’s price has found support at $19.15, indicating robust buying interest at this level. If buying pressure continues, the resistance at $25.0 may come under scrutiny.
Historical patterns indicate that when whales accumulate, prices tend to follow an upward trajectory, underscoring the importance of monitoring this trend for traders.
Analysis of Active Addresses
The number of active addresses on the Chainlink network has displayed consistent growth in recent weeks. This pattern mirrors the increasing adoption and interest in the network’s functionalities, particularly its contributions to decentralized finance (DeFi) and blockchain oracles.