Chainlink (LINK) Price Surge: 35% Gain Possible?

Chainlink (LINK) has experienced a significant price surge exceeding 30% in recent days, sparking bullish sentiment. This rally is driven by increased participation from both whales and retail investors, positioning LINK for a potential upside rally.

Whale Activity and Price Action

Blockchain transaction tracker Whale Alert reported two massive LINK transactions totaling 2.54 million LINK (approximately $41.6 million) transferred from Bybit to an unknown wallet. This significant movement, coupled with the breakout of a bullish inverted head and shoulders pattern, suggests potential accumulation by large investors.

Retail Investor Engagement

Data from IntoTheBlock reveals a surge in retail transactions. Transfers between $1,000–$10,000 increased by 87.21%, while those between $10,000–$100,000 saw a staggering 130.20% increase. This heightened retail activity further strengthens the bullish narrative.

Source: IntoTheBlock

Technical Analysis and Price Prediction

Currently trading near $17.07, LINK demonstrates bullish momentum. However, trading volume has dipped by 15%, indicating some short-term caution. Our technical analysis suggests that if LINK maintains a price above $15.70, it has the potential to rise by 35%, reaching $23.15.

Source: TradingView

Conversely, a fall below $15.30 could negate this bullish outlook. LINK's Relative Strength Index (RSI) is approaching overbought territory (at 65), suggesting further upward momentum is possible before a potential correction.

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