Chainlink Surges 30%, Eyes $23.15 Target
Key Takeaways
- Chainlink (LINK) is showing strong bullish momentum with a potential price increase of 35%.
- Key support lies at USD 15.70 – if the price falls below this level, the upward trend could fail.
- Large wallet transfers and increased activity from retail investors indicate growing interest.
- Technical indicators such as the RSI suggest further upside potential.
Current Price Development of Chainlink
In recent days, Chainlink (Ticker: LINK) has shown a strong upward movement. The price has risen by over 30% and is currently trading around USD 17.07. With this move, LINK has broken through a key resistance level and triggered a technical chart signal: an “Inverted Head and Shoulders” pattern, which often signals a trend reversal.
Whales and Retail Investors Showing Increased Interest
Notably, there is growing activity from large market participants (“whales”) and retail investors. According to data from Whale Alert, two large transfers totalling 2.54 million LINK were reported within 24 hours from the crypto exchange Bybit to an unknown wallet. The total value of these transactions exceeds USD 41 million. Such movements often indicate accumulation by institutional investors.
Retail investors have also become more active: On-chain data from IntoTheBlock shows that transactions in the USD 10,000 to 100,000 range have increased by 130.2%. Smaller transfers between USD 1,000 and 10,000 have risen by 87.2%. These figures reflect growing confidence in LINK’s short-term performance.
Technical Analysis: Price Target of USD 23.15 Possible
Technical analysis suggests further upside potential. The bullish pattern has been confirmed, and the price has successfully retested the breakout. As long as LINK remains above the USD 15.70 level, a rise to as high as USD 23.15 is realistic – representing a potential gain of around 35%.
However, caution is advised: if the price falls below USD 15.30, the positive scenario could be at risk. Such a drop could lead to a short-term correction.
Relative Strength Index (RSI) in Neutral Territory
The RSI (Relative Strength Index) is currently at 65. This value is just below the overbought zone (starting at 70) and signals that there is still room for further price increases. At the same time, it calls for close monitoring, as the market may be approaching a potential turning point.
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Our Assessment
Chainlink is in an exciting phase. Technical patterns, increased whale activity, and growing interest from retail investors point to a possible continuation of the upward trend. The price target of USD 23.15 is attainable, provided the support at USD 15.70 holds.
Keep a close eye on the price movement. A drop below USD 15.30 could invalidate the bullish scenario. For short-term traders, there are currently interesting opportunities – but as always, with the inherent risks of volatile altcoins.
Sources
- IntoTheBlock
- TradingView
- Whale Alert
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