Key Insights
- Chainlink price recently reached $26.6, which is the highest it has been at since January.
- Whale accumulation recently broke above $135 million in LINK holdings.
- Analysts believe LINK has what it takes to hit $30 soon, with long-term targets set higher.
Chainlink price has climbed steadily over the last few weeks. It has broken past some of its strongest resistance levels and is attracting massive investor interest.
As of 19 August, LINK has touched $26.6 as its highest price in seven months. When writing, the token now trades at around $24.17 with a $16.4 billion market cap, according to CoinMarketCap.
Whale Accumulation Shows Confidence
LINK’s comeback happened despite the general market weakness from Bitcoin and Ethereum. Both are facing liquidations worth nearly $500 million. Chainlink price has outperformed that of most altcoins and has gained more than 130% since June.
According to recent updates from Santiment, the on-chain activity of LINK has been on the rise lately. With this, nearly 10,000 addresses performed transfers on Sunday.
Additionally, 9,600 new wallets were created on Monday, and both are yearly records. Whales have been a part of this comeback, with large holders accumulating 1.15 million LINK in the past week. This has brought their combined balances to around 5.43 million tokens worth $135 million.
Exchange balances have dropped from 280 million to 269.56 million LINK in just one month. This decline means that fewer tokens are now available for sale. It could mean that holders currently expect higher prices.
LookOnChain also recently pointed out whale wallet address 0x4EBD withdrawing 249,808 LINK from Binance in a single transaction. This transaction was worth around $6 million during the update.
Over the last four days, this wallet removed a staggering 1.3 million LINK, worth $31.15 million, from exchanges.
Technical Analysis of ChainLink Price
According to the daily charts, the Relative Strength Index (RSI) has pulled back from overbought territory. Chainlink price action suggests traders may see a brief pause ahead. At worst, the market could enter a short-term consolidation phase.
If LINK fails to hold support at $23.8, the following support levels are $20 and $18. The Bollinger Bands show that the token is approaching the upper band near $27.1.
This shows that the rally is experiencing overextension. It could result in a pullback toward the 20-day SMA around $20.4. The MACD is still bullish, though, and is underneath the RSI’s signal line.
Falling Wedge Indicates Incoming Breakout
According to analyst Solberg Invest, there is an ongoing falling wedge pattern in the charts of Chainlink price. Historically, falling wedges have been regarded as bullish indicators.
Strength is gathering for another upward push. This is given that LINK’s trade volumes have increased by almost 39% to $3.34 billion.
If the wedge pattern completes its moves, LINK could break resistance and move toward $33 to $38. Over the past week, the token has risen 22%, showing the strength of this rally beyond a doubt.
ChainLink also recently signed a deal with Intercontinental Exchange (ICE). The partnership will bring ForEx and precious metals data into Chainlink’s network. This could make it stronger in terms of utility.
The development will improve ChainLink’s participation in tokenised assets and DeFi markets. This is exceptionally bullish. Tokenised markets have been predicted repeatedly to grow to as high as $30 trillion in market cap.
Chainlink Price Prediction For The Rest Of The Year
Short-term projections are mixed as of writing. If Chainlink price breaks through the $25.62 resistance with substantial volume, analysts expect it to climb to $29.
However, a failure to hold $24.03 might bring it down to $22.39. Longer-term forecasts are more optimistic, though. Analyst Jonnie King, for example, predicts that LINK will likely hit a range high between $51 and $57. This might occur before the end of the year.
This puts LINK above its all-time high of $52.88, and is the opposite of Changelly’s outlook. It expects LINK to trade between $15 and $27 annually.
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