The first week of the new year has started on a bullish note for the cryptocurrency market, with major altcoins gaining momentum as Bitcoin's dominance decreases.
Whale Accumulation
Recent data highlights a significant uptick in whale activity, underscoring renewed confidence in LINK. Following a pullback to the key support level of $20, whales have aggressively accumulated LINK. According to crypto analyst @ali_charts, over 1.40 million LINK tokens (worth approximately $30 million at an average price of $21.50) have been purchased in the past 96 hours.
LINK Holds Above Strong Support
The combined effect of whale buying and broader market recovery has pushed LINK above a crucial support zone. In November 2024, Chainlink broke out of a descending triangle pattern that had constrained its price since the 2021 bull run. This breakout resulted in a surge to a local high of $30.80. However, last month’s correction brought LINK back to a critical support range between $18.70 and $22.90. Despite this pullback, LINK has shown resilience, holding above this support zone and currently trading at $23.28. Key technical indicators, such as the MACD and RSI, suggest the potential for a reversal. If LINK can maintain this support level, it may rally toward its recent high of $30. Conversely, failure to hold this support could lead to further downside risks.
What’s Ahead?
Chainlink remains one of the most promising altcoins for 2025. The combination of significant whale activity, strong support zones, and potential technical reversals lays the groundwork for a substantial rally. Additionally, the decline in Bitcoin dominance could act as a catalyst for further upside momentum in LINK and other altcoins. For investors, the key levels to watch are LINK’s ability to hold the $22 support and its attempt to reclaim $30. Should these levels hold, Chainlink could continue its upward trajectory in the months ahead.
The growth prospects for Chainlink in 2025 are impressive. Strong support, active whale accumulation, and decreasing Bitcoin dominance contribute to this process.
