As the leading cryptocurrency Bitcoin continues to trade below $30,000, altcoins seem to be stuck in a similar pattern. The cryptocurrency market has remained at $1.2 trillion in the past 24 hours. The stagnant market movement has caught the attention of analysts. Especially when looking at the movement of Chainlink (LINK), it can be said that the future looks promising.
Unexpected interest has emerged for many cryptocurrencies such as Shiba Inu, Algorand, and PEPE recently, and Chainlink has also become one of them. LINK, which has experienced significant gains recently, could not sustain it and there was no continuation.
The critical level for LINK, which is in the consolidation zone, seems to be above $9. With the break of the resistance at $9, an upward movement or increase in LINK price may begin. It can be seen in the current chart that the LINK price has been consistently rejected below $10. This resistance level, which was broken in May 2022, has never been surpassed, and this could be the current issue for LINK.
The biggest positive signal for LINK comes from the whales. The signs that whales continue to accumulate LINK are stronger than ever.
The number of wallets that own between 100,000 and 10 million LINK has been increasing in recent days, and with the resurgence of the DeFi world, the number of LINK investors is growing.
Considering all these factors, it is expected that LINK will retest and break $10 in the near future. There are critical targets of $11 and $14 for the LINK price, and these are very important. LINK is currently trading at $7 and has gained 3% in the past 24 hours. The arrival of $14 with this rise would mean a 100% increase. LINK investors may make more purchases in the current bear market with the hope of such an increase, and this could even create a buying pressure.