In recent weeks, Chainlink has shown significant market activity and positive technical signals, indicating its potential strengthening.
Whale Activity and Technical Signals
Recent data shows a sharp increase in whale transactions involving Chainlink exceeding one million dollars. This activity traditionally correlates with increased market volatility. Over the past month, the price of LINK has risen by over 46%, despite recent fluctuations. Meanwhile, a breakout above resistance has been observed on the daily chart, with support around $0.22-$0.23.
Golden Cross and Bullish Formation
Chainlink has formed its third ever Golden Cross on the monthly chart — a significant technical analysis signal. This signal has historically preceded substantial rallies with gains exceeding 300%. Additionally, a bullish cup and handle formation with potential resistance at $29 has been identified.
Market Outlook for Chainlink
Based on current analyses, there is a strong upside movement expected for LINK, with potential goals around $60. However, there are also risks of a correction as the market remains in an upward trend but may experience short pullbacks if market participants start taking profits.
Thus, Chainlink presents promising forecasts due to rising whale activity and favorable technical signals. It is essential to remain watchful regarding market developments and potential risks.
