Chainlink’s price continues to consolidate, which is thought to signal a bullish outlook for LINK investors. According to a statement made by IntoTheBlock on January 30, 2024, on X (formerly known as Twitter), it was reported that LINK whales added an accumulation of 57 million LINK in the last 30 days. The emerging data indicates that crypto whales are turning ongoing price consolidations to their advantage.
Current Status of LINK Coin
In addition to data provided by IntoTheBlock, another analysis firm Lookonchain shared on X that a new wallet purchased approximately $6.26 million worth of 424,259 LINK in the last 24 hours.
Looking at the data from both IntoTheBlock and Lookonchain, it can be said that the current situation indicates whales are leading the way in LINK token purchases.
Moreover, the LINK token purchases made by whales are also reflected in the prices. As of the time of writing, LINK is trading at $15.5 and has experienced an increase of over 4% in the last 24 hours.
Looking at the past 7 days, the price of LINK has shown an increase of over 12%, and in the last 30 days, it has made a relatively lower but upward movement of 2%. Additionally, investors looking back at 2023 will remember that LINK experienced an extraordinary performance with a price increase of over 160%.
The Future of LINK Coin
According to technical analysis, LINK has been consolidating in a very narrow range between $12.8 and $16.5 over the last three months. After finding strong support at the $12.8 level, LINK is now moving towards $16.5 and appears to be on the verge of a potential breakout from this consolidation zone.
Looking back, it is useful to remember that LINK underwent a 520-day consolidation period between May 9, 2022, and October 16, 2023, ranging from $5 to $8.75. After the breakout, LINK experienced a significant price increase of over 85% in just 21 days.
It would not be wrong to say that after exiting its current zone, LINK could potentially move towards $18 and then $28.
On the other hand, considering that Bitcoin has rebounded after retreating to the $38,000 level and has returned to the $43,300 level, an uptrend appears to be a plausible scenario for investors.
