Chainlink‘s (LINK) recent price trend indicates a bullish rally marking the end of a correction phase with a trend line breakout. This bullish trend has the potential to surpass the $21 peak. As the altcoin market shows signs of revival, Chainlink’s LINK demonstrates high momentum in the reversal rally from a downtrend to an uptrend. In just four days, the altcoin‘s price increased by 16%, but recently experienced a 2.14% intraday drop and is currently trading at $14.09. This suggests a potential rise towards the $20 level in the coming weeks.
Chainlink’s Performance
Chainlink’s performance caught investors‘ attention after breaking a series of four bullish candles highlighted by a 7% jump. The bullish engulfing pattern raises the question of whether the price will return to $20.
In terms of price performance, LINK showed a reversal from the double bottom formation at the support zone of $12.24, leading to a 13.73% rise over the past five days and testing the neckline at $14.50.
The price action also indicates that the rally breaking the trend line is gaining momentum. However, the recent intraday drop suggests a possible retest of the broken resistance trend line.
Whales Accumulated $140 Million Worth of LINK in Two Weeks
A well-known crypto analyst, Ali Martinez, noted in a recent tweet that Chainlink whales have purchased over 10 million LINK tokens worth $140 million in the past two weeks. This significant accumulation by large investors supports the bullish outlook for LINK.
Technical indicators also contribute to the positive sentiment. The MACD shows a positive crossover with the signal line approaching the zero line, indicating a bullish reversal. The RSI is also trending upwards, surpassing the midline and moving towards the overbought zone, indicating strong momentum for an ongoing bull run.
