- LINK eyes $19 as the next target amid increased whale activity, a positive MACD signal, and renewed confidence from high-volume traders.
- Chainlink Reserve accumulated 74,049.24 LINK in a day, pushing the total to 803,387.65 LINK.
LINK, the native token of Chainlink, looks ready for new highs. Analysts are eyeing targets as high as $19, as Chainlink whales increased their activity. Other positive factors to push a potential LINK rally include strong demand-zone defense and improving MACD momentum.
Chainlink Whales Resume Activity
Large crypto investors, often referred to as whales, have continued to increase their activity tied to LINK tokens. As featured in our recent coverage, whales transferred $26 million worth of LINK away from Binance.
This move strengthens the bullish accumulation trend and highlights how whales help in reducing liquid supply during a sensitive price phase.
Typically, whales move tokens to exchanges when they have completed their accumulation process. Rather than storing their tokens on exchanges, they then choose to hold the crypto assets in private wallets for the long term.
Buyers stepping in aggressively near the LINK support zones between $14.50-$15.00 have also increased confidence across the market.
Besides, exchange outflows usually precede strong expansions. This is because reduced liquidity often amplifies upside moves when demand returns.
Furthermore, CoinGlass data showed the Binance Top Trader Long/Short Ratio surged above 70%. This is a notable improvement from recent lows, implying renewed confidence from high-volume traders.
Notably, positive sentiment flips like this often precede larger impulsive moves as large accounts reacted to structural changes. Moreover, long accounts kept dominating even during recent pullbacks, confirming sustained conviction.
This positioning aligns with the broader on-chain accumulation trend and the strong rebound from support.
Can LINK Hit $19?
As of this writing, LINK price was traded at $14.16, down 9.8% over the past 24 hours, according to Marketcap data. However, the trading volume has jumped 24.5% to $1.12 billion, suggesting increased retail investor activity.
If this volume spike is sustained, it could spark a rebound for LINK. Moreover, technical analysis has revealed it has bounced clearly from the demand zone around $14.5. LINK has respected this price level several times, indicating strong interest in a rebound.
Following the rebound, LINK pushed towards its descending channel resistance. This is where a potential price rally could begin to form.
The MACD indicator further added to the optimistic LINK outlook. MACD demonstrated early positive momentum as the histogram contracted upward.
Also, the signal lines moved into a healthier alignment, and LINK remained inside the channel. Notably, every successful retest of the lower boundary strengthened the bullish reversal case.
LINK could target $19.14 next, and more towards $23.79 if the buying pressure is sustained.
In a related development, Chainlink announced its Reserve recently accumulated 74,049.24 LINK. As a result, the Chainlink Reserve now holds a total of 803,387.65 LINK.
Chainlink Reserve Update | Source: Chainlink
This reserve proves the Chainlink network is earning revenue and preparing for the future.
Recommended for you:
- Chainlink (LINK) Wallet Tutorial
- Check 24-hour LINK Price
- More Chainlink News
- What is Chainlink?
