Chainlink (LINK) demonstrates positive momentum, successfully breaking key resistance levels and reaching $19.41. Whale activity and technical analysis suggest the possibility of further growth.
Whale Accumulation Increases
According to a recent post by a crypto expert on X, whales have acquired over 8 million LINK tokens in the past month. On-chain analytics from IntoTheBlock further confirm that transactions ranging from $1 million to $10 million have surged over 1,400%, while those between $100,000 and $1 million have risen by 463%. This activity underscores growing confidence among large holders in LINK’s future trajectory.
Technical Analysis and RSI Levels
CryptosNewss’s technical analysis highlights that LINK has broken through key resistances, including a descending trendline and horizontal barrier at $18. The asset also completed a bullish double-bottom formation, a pattern typically preceding further upward movement. However, the Relative Strength Index (RSI) is currently at 82, signaling that LINK is deep in overbought territory. Historically, such levels precede pullbacks, suggesting traders should be cautious in the short term.
Exchange Flows and Short-Term Perspective
Data from CoinGlass shows that LINK holders are starting to take profits, with exchanges receiving $1.74 million worth of LINK in the last 24 hours. This inflow could be an early signal of a minor sell-off, potentially slowing LINK’s upside momentum. Despite this, LINK’s trading volume is up 6.5% from the previous day, reinforcing that buying interest remains strong. Whether the bulls can maintain control depends largely on the market’s ability to keep LINK above the $18 support level.
If the bullish momentum continues and market sentiment holds, LINK could gain another 20%, aiming for the $23 resistance level. However, any shift in sentiment or significant sell-off could trigger a short-term pullback toward the $18 zone.
