Chainlink Rockets 20%: Whale Activity Sparks Break From Bear Trend
23 Noviembre 2024 - 4:00PM
NEWSBTC
Chainlink (LINK) is experiencing significant growth in the
cryptocurrency sector, with a 20% increase in value in just one
week and a potential change in its long-term trajectory. Related
Reading: XRP Gains Momentum: Whale Activity Points To $15
Breakthrough For months, the cryptocurrency has been on a downward
trajectory; however, it is currently exhibiting significant signs
of recovery. The next significant level for LINK is $17, and
investors and experts are closely monitoring the stock. Chainlink
has begun to draw the attention of both institutional and retail
investors after breaking out of a falling channel and passing key
exponential moving averages. This technical breakout could pave the
way for even larger gains. Whale Activity Increases Confidence
Activity from whales has been one of the prime movers for the
upward momentum currently being seen in LINK. As IntoTheBlock would
have it, large LINK transactions have jumped 8.56% in the last 24
hours. The spike suggests that large players are very bullish, and
it is not something that has gone unnoticed. Retail interest is
also increasing, with a 2.10% increase in new addresses and a 1.09%
gain in daily active users. Chainlink is trending on social media,
according to Santiment’s research, with its sentiment and weight
metrics showing a 0.28% jump. Investors are talking, and the
chatter is fueling LINK’s upward march. LINK Price Action
Presently, at a price of $16.94, Chainlink is up by 11% in the last
24 hours, getting ready to take the next leap and break above the
$17.12 resistance barrier. Analysts believe that if this surpasses
the specified barrier, the path to $30 will become more likely.
Some predict that continued momentum may facilitate a retest of
LINK’s all-time high of $52.88, achieved in May 2021. The
cryptocurrency market as a whole is experiencing a bullish
November, with Bitcoin remaining above $98,000. This broader
confidence is boosting Chainlink’s potential, but it still needs to
catch up to prior highs. #Chainlink🔗 is attempting to break the
multi-year resistance. Potentially entering a bullish expansion
phase. + Weekly RSI breakout confirmed. $LINK#Crypto $Alts
🔗https://t.co/2bZ8zNcP61 pic.twitter.com/Efm0dE9KfZ — Kevin Svenson
(@KevinSvenson_) November 22, 2024 A Rally In The Making Coinglass
data shows a rise in Chainlink’s futures traded, which suggests
traders’ growing curiosity and confidence. Additionally exploding
open interest in LINK will help to support the positive story.
Although technical indicators and market mood forecast future,
reaching a new all-time high would need constant market confidence
and suitable conditions. Related Reading: Upbit Listing Sends BONK
Skyrocketing 67% For A Fresh ATH In Memecoin Mania Chainlink is
riding a current of optimism at the moment, driven by whale
activity and growing retail interest. If it can continue in this
trajectory and break through key resistance levels, LINK might be
able to surprise everyone and restore its old glory. Featured image
from DALL-E, chart from TradingView
ChainLink Token (COIN:LINKUSD)
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ChainLink Token (COIN:LINKUSD)
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