Chainlink Prepares for Potential Upside as Whale Accumulation Sparks Momentum

Chainlink experienced a coordinated accumulation as three Ethereum addresses, controlled by the same individual, collectively purchased a total of 272,979 LINK for $3.67 million. The average price per LINK was $13.45, with all transactions completed within a single hour across separate wallets, highlighting strategic buying activity.

The significant purchase indicates that confidence in the value of Chainlink is growing as its oracle service needs continue to surge in DeFi and tokenization applications. While it is difficult to determine the identity of the party that made the acquisition, its magnitude and timeliness indicate that traders should monitor the price movements of LINK.

Also Read: Chainlink (LINK) Price Analysis: $12.80 Resistance Holds the Key to Bullish Recovery

Chainlink (LINK) Consolidates With $28 in Sight

However, the crypto analyst, CryptoWARD, highlighted that Chainlink (LINK) is currently seen at $13.31 due to the indecisive market closure. However, this merely shows the strength of the market in terms of the presence of both buyer and seller strength. Traders are closely monitoring the LINK price since positive momentum in the latter can bring back positive sentiment in the former markets.

Source: X

The overall trend for the LINK price remains positive. If it breaks through the resistance level, the price might reach the short-term target of $16, the mid-term target of $20, or the long-term target of $28. As one of the top oracle networks in the cryptocurrency market, Chainlink remains in the spotlight among traders as it awaits a trend continuation.

Technical Outlook Supports Ongoing Bullish Momentum

At present, the market is trying to capitalize on a trend reversal from Chainlink, which had been range-bound underneath its primary moving averages for weeks. The current market price is hovering above its EMA 20 ($12.79). The token’s breakout above its EMA 20 indicates better market momentum. Even so, Chainlink is still below its EMA 50, 100, and 200.

Source: TradingView

From a momentum point of view, the RSI(14) has reached 57 by breaking above the 50 level. This is a strong indication of increasing bullish momentum. But for the price to move further to higher levels of resistance near $15.05 and $16.26, LINK has to stay above the 20 EMA and avoid retesting the $12.80-$12.50 support zone once again if it fails to do so.

Also Read: Chainlink (LINK) Price Rises Bullish Momentum Points Toward $16 Resistance Level