On Wednesday, the leading cryptocurrency Bitcoin (BTC) price surged to $65,000, triggering a renewed sense of recovery in the cryptocurrency market. While most major cryptocurrencies showed significant gains, Chainlink caught investors‘ attention by rising for three consecutive days amid increased whale accumulation and social dominance. Is the LINK price heading towards the $20 mark?
Correction Trend in LINK
Chainlink‘s recent correction trend found suitable support at the 61.8% Fibonacci retracement level, a significant technical level supporting buyers with a strong foothold and counter-movement. With renewed demand pressure, the LINK price recorded two more significant lows on the daily chart.
This situation may indicate that buyers are accumulating this token during market downturns. On Wednesday, when the Bitcoin price rose to $65,000, Chainlink’s price rebounded from $12.80 and reached $16 with a 25% increase in three days. The rising 
price provided a definitive breakout from the resistance trend line, which had been actively correcting for the past two months.
Critical Report from Santiment
Following the recent market recovery, Chainlink‘s market cap saw a significant 14% increase since yesterday. According to Santiment‘s data, this sharp rise is largely due to the increase in the number of large whales. The number of Chainlink whales, wallets holding 100,000 or more LINK, increased by 4.6% in just five weeks, reaching a total of 564.
The data from the cryptocurrency analytics company shows that social discussions around Chainlink have reached a seven-month high since October 21, 2023. If the current social dominance trend continues without being overshadowed by the fear of missing out (FOMO), bullish conditions for Chainlink are likely to persist. If the breakout continues, Chainlink’s price will be in the midst of a potential target of $18.6, followed by $20.7 and $22.8.
