As a seasoned analyst with a decade of experience in the cryptocurrency market, I find the recent accumulation trend among Chainlink (LINK) whales intriguing. Given my personal journey through numerous bull and bear markets, I can attest that such massive purchases by large holders often precede significant price surges.
The fact that these whales have acquired 3.58 million LINK in just three days, despite the current market correction, is a clear sign of their confidence in LINK’s long-term profitability. Moreover, the analysis provided by Santiment and More Crypto Online further strengthens this bullish outlook.
If we consider the Elliott Wave Theory, which I have found to be quite reliable in predicting market trends, Chainlink could potentially rise to $69 if it manages to hold above its major support level at $17.65 and break through resistance levels at $25.10 and $28.30.
However, as always in the crypto market, nothing is guaranteed. As I often remind my friends when we discuss our investments, “the only certainty in cryptocurrency is uncertainty.” But with Chainlink’s current momentum and the confidence of its whale holders, it seems we might be in for a rollercoaster ride.
Joke: And remember folks, if you can’t afford to lose your investment, don’t invest what you can’t afford to lose… unless you’re investing in Chainlink, then just forget about it!
As I analyze the current market trends, it’s clear that a broad market retracement is underway. Notably, Chainlink (LINK), a significant altcoin, has experienced a 29.89% price drop from its recent high of $30.31. At the moment, LINK is hovering around the $21 mark, struggling to break through the resistance at $26 despite recent upward trends. Interestingly, during this price decline, large LINK holders, often referred to as ‘whales’, have opted for an accumulation strategy. This action suggests their confidence in Chainlink’s potential long-term profitability.
Chainlink Whales Acquire 3.58 Million LINK In 3 Days
In the first half of December, the cryptocurrency market experienced a robust uptrend. However, over the last fortnight, it has undergone a substantial downturn due to various reasons such as a sudden drop in prices (flash crash) and speculations about fewer interest rate reductions by the Federal Reserve in 2025.
Over the past few days, significant purchases of Chainlink (LINK) have been made by whales who own between 1 million and 10 million LINK, according to blockchain analytics company Santiment in a recent post on December 28th. These large-scale LINK holders have amassed approximately 3.58 million LINK, worth around $76.9 million.
Typically, when whales amass substantial amounts of a particular asset like LINK, it’s often seen as a bullish sign, suggesting they are optimistic about future profits. When the price drops like this, their accumulation indicates that they believe LINK is currently underpriced and a market recovery may be imminent.
Key Resistance Levels For LINK
A buildup of whales (large investors) could be a precursor to a potential price surge in the market, and More Crypto Online has offered additional optimistic predictions for the Chainlink (LINK) market.
As per a recent report, these market analysts believe that Chainlink’s uptrend persists on larger time periods, even after the recent correction. The key support level for Chainlink stands at around $17.65. Following the Elliott Wave Theory, if the price of LINK stays above this level, it is projected to climb up to $69, aligning with the anticipated third wave of the current market phase.
To affirm the upward price trend of Chainlink, it needs to surpass the resistance at $25.10 and $28.30. A clear five-wave ascent beyond these thresholds would bolster the bullish argument and hint at additional growth. In Elliott Wave theory, a five-wave configuration is a robust pattern indicating persistent trend continuation, so overcoming these resistance levels is crucial for the ongoing upward movement.
Currently, Chainlink is being traded at around $21.90, marking a 1.44% increase over the past day. Yet, it’s worth noting that the daily trading volume has decreased by 12.55%, amounting to approximately $726.44 million. Given its market capitalization of $13.96 billion, Chainlink ranks as the 13th largest cryptocurrency in terms of market value.
Read More
- ARB PREDICTION. ARB cryptocurrency
- ZK PREDICTION. ZK cryptocurrency
- W PREDICTION. W cryptocurrency
- XRD PREDICTION. XRD cryptocurrency
- XDC PREDICTION. XDC cryptocurrency
- Vishnu Manchu finally ENDS THE SILENCE over ongoing family feud between Manchu Manoj and Mohan Babu
- What Are Silo 18’s Tunnels Connected To? Juliette’s Silo 17?
- XVG PREDICTION. XVG cryptocurrency
- DGB PREDICTION. DGB cryptocurrency
- WWE Undisputed Champion Cody Rhodes Drops a Bombshell After His Return
2024-12-30 00:40