Chainlink (LINK) Breaks Key Levels, Bullish Sentiment Grows Amid Whale Activity
- Chainlink surges 15% in a week, breaking a long-term bear trend with bullish momentum driven by whale activity and retail interest.
- LINK breaks key resistance levels, buoyed by rising sentiment, a 2.1% increase in new addresses, and strong social media buzz.
- Technicals show LINK targeting $17, with RSI at 63, MACD green, and mid-term price predictions soaring to $38.20 and beyond.
Chainlink (LINK) has risen more than 15% in the past week which has seen it break out of a long term bear trend and attract a lot of market attention. The cryptocurrency has continued to rally higher and higher due to positive on-chain fundamentals, increased whale transactions, and changing market sentiment. Investors expect a further surge through $17 as the next key level.
The breakdown of the long-term descending channel has attracted attention as LINK broke through several key exponential moving averages, indicative of a clear change of direction. This technical move has therefore reassured institutional and even retail investors.
Chainlink Whale Surge
According to IntotheBlock, there has been a 8.56% rise in large value transactions of LINK in the last 24 hours which indicates increased whale action. This accumulation has attracted retail investors as seen by a 2.10% rise in new addresses, and a 1.09% increase in the daily active addresses, showing the continuing trend.
Source: Chart by IntoTheBlock
In the sentiment analysis provided by the analytical platform Santiment, Chainlinks weighted sentiment has increased by 0.28%. This has reflected in social media with more and more people posting about LINK. This is evidenced by the increased rumors of price increase that has in turn enhanced the bullish mood.
Source: Image by Santiment
Alex Clay mentioned in a recent X post that LINK is accumulated in principal areas, which indicates future development. He set mid-term levels at $26.20 and $38.20 with more optimistic long-term estimates rising to $82.40.
Positive Funding And Inflows
In technical analysis on the other hand, there is positivity towards the bullish view. In this regard, Chainlink has struck through the important 61.8% Fibonacci retracement level with the focus on breaking through the $17 mark.
The bullish inverted head and shoulders across the three timeframes, which is indicative of a price bounce. Also the RSI indicator is at 63 thus indicating strong upward force, MACD is also depicts that buyer is in control as the histogram is green.
Source: TradingView
The market structure supports the positive view, as does the rest of the report. The open interest has expanded by 7.70% to $291 million, while the funding rate is at 0.0348% in the positive territory indicating excessive long positioning in the derivatives market. At the same time, large exchange inflows of $1.91 million show that the demand for LINK is on the rise. The nearest trades can be expected at $14.20 and $13.50, while further resistance levels are seen at $17 and $18.20.
Chainlink has been phenomenal in the recent past and therefore stands out in the cryptocurrency market. Based on the technicals, bulls, and community involvement, LINK has every chance to continue its growth and hit new levels in the next several weeks.
Read more: https://www.tronweekly.com/chainlink-link-breaks-key-levels-bullish/
Text source: TronWeekly
