Potential Double-Digit Surge Could Propel LINK to $50?
Over the course of the past 24 hours, LINK observed a significant 1.65% price increase, extending its overall market gains to 22.35% for the week. This upward momentum hints at the possibility of further price fluctuations in the near future.
Market sentiment and recent price trends suggest that LINK might experience substantial gains, especially if the current bullish market conditions persist.
As per insights from renowned crypto analyst Ali, LINK has initiated a noteworthy bullish movement after surpassing a crucial resistance level within its trading pattern.
The prevailing pattern is identified as a bullish flag, characterized by price consolidation between distinct support and resistance levels following a significant upward trend. This consolidation typically paves the way for further positive movement, a scenario solidified by LINK’s successful breach of the resistance level.
Analyzing the chart, which incorporates Fibonacci retracement levels, it is suggested that there might be minor price retracements before the continuation of LINK’s upward journey. The potential target from this phase is $58.64, nearly triple its current value of $22.906.
According to analyses by CryptoCrypto, the accumulation of LINK by whales is a key factor that could drive this anticipated surge in price.
Whale Acquisitions Poised to Fuel LINK’s Upward Trajectory
Data from IntoTheBlock underscores a significant surge in activity by large investors in the LINK market. These substantial investors, who typically hold between 0.1% to 1% of the total token supply, have notably influenced LINK’s recent price movements.
Within just 24 hours, the number of substantial LINK transactions skyrocketed to 593, involving a total of 10.3 million LINK valued at $258.51 million.
Such substantial transactions, coupled with price hikes and bullish breakouts on the chart, suggest that buying activity has been dominant in the market during this period.
There has also been a marked increase in both active and new addresses, indicating heightened market participation that likely contributed to the recent surge in price.
Recent data reveals that the number of addresses engaged in LINK transactions surged to 5,810 within the last 24 hours, with new addresses joining the network rising by 1,860.
These figures represent a 39.02% and 40.42% increase on a weekly basis, underscoring a strong bullish sentiment among market participants.
Should these patterns endure, the escalating number of significant transactions, growing adoption of new addresses, and active address involvement could further bolster LINK’s momentum.
Anticipating a Potential Supply Shortfall?
Recent on-chain data unveils a notable outflow of LINK from crypto exchanges, surpassing inflows into the market.
This analysis, utilizing the Aggregated Exchange Netflow metric to monitor asset deposits and withdrawals across various exchanges, currently indicates a net negative movement of 149,670 LINK tokens.
The substantial withdrawal of LINK tokens signifies that market players are taking advantage of the bullish momentum by opting to store their LINK assets off exchanges for long-term holding, potentially triggering a supply shortage for the altcoin.
Should this trend persist and the netflow continue to exhibit negative values, it could hint at a prolonged surge in LINK’s price, potentially leading to a scarcity in supply.