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The twelfth largest cryptocurrency Chainlink (LINK) emerged as one of the well-performing altcoins in February 2024. Within two weeks, the token price recorded a 45% growth, climbing from $13.6 to $19.79.
LINK Experiences Sideways Movement
However, the LINK price has moved sideways over the past few days, which could reflect signs of consolidation after the rally. Is this lateral movement indicative of higher growth or a precursor to a new correction? Despite the recent surge in the market that pushed the price of the leading cryptocurrency Bitcoin above $48,000, Chainlink mostly traded sideways. This pattern in the 4-hour time frame chart resonated between two converging trend lines indicating a flag formation.
This chart pattern, commonly observed during an established uptrend, could offer a breather to regain exhausted bullish momentum. Therefore, the converging trend line could signal that the LINK price is ready for a decisive break, potentially indicating a continuation of the recovery trend line. Additionally, there has been a notable recent report by crypto analytics firm Intotheblock regarding LINK whale accumulation.
Major Transfer in LINK
In the past five days, this crypto whale transferred a staggering amount of LINK worth approximately $83.6 million from Binance to 55 newly created wallets, totaling 4,556,684 LINK. Despite the current consolidation, this significant move shows deepening interest in LINK within the crypto community and could potentially signal upcoming market movements. If the LINK price breaks the general trend line with a 4-hour candle close, buyers could gain the right bullish momentum to push the recovery to $20.5 and then to $23. Consequently, Chainlink surged 45% in February 2024, rising from $13.6 to $19.79, but has recently experienced sideways price movement. A whale’s substantial LINK purchase has increased interest.
