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LINK Support Level

Whales Accumulate 376M $LINK at $6.30: Is a Chainlink Rally Imminent?

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  • Whales have accumulated 376 million $LINK at the $6.30 level, forming a strong support zone.
  • $15.22 has emerged as a key resistance level, with potential selling pressure from holders at a loss.
  • Analyst Ali suggests Chainlink’s next big move will depend on breaking key levels with strong trading volume.

According to a chart shared by popular crypto analyst on twitter Ali (@ali-charts), there has been a significant purchase of Chainlink’s native token ($LINK) at the $6.30 price range. Hence, he believes that this price region is a strong support level for $LINK.

The analyst revealed that $LINK buyers bought 376 million of the token, a proof of the conviction from large holders, known as whales. As shown by the green clusters, the chart showed that lots of buyers piled up at this price point.

Hence, majority of wallets that purchased the token at this price are holding it at a profit. With so many buyers at this point, it is unlikely that $LINK’s price will drop below this level.

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Source: X @ali_charts

Is this the Start of a Rally?

Also, the massive purchases at this point could be a signal that Chainlink is about to start a strong rally. Usually, purchases by deep-pocketed investors lead to price jumps as these players invest for the long term.

Hence, Ali believes that the $6.30 price could become the point at which $LINK’s price start experiencing a substantial upward movement. Meanwhile, the analyst also stated that the $15.22 price is a key resistance level for investors and traders to monitor.

At such levels, selling pressure are usually greater than buying pressure, leading to a pause or reversal in the coin price’s upward movement. Using the chart, Ali explained that the red clusters which corresponds with the $15.22 price represents a price point where addresses that purchased at this price are currently holding in losses.

Hence, if the coin’s price reaches this level again, many of them may choose to sell to recoup their investments, even though it would be without any profit.

According to the analyst, this could add to the selling pressure at this price level.

Chainlink’s Support Vs Resistance Zone

Ali also explained that Chainlink‘s price movement in the near to medium term will be determined by the interplay between the support price point of $6.30 and the resistance price point of $15.22. Should $LINK break above the $15.22 resistance price level following strong trading volume, it could start a stronger rally.

In contrast, it fails to break above this price, it could reverse back towards the established support levels. Traders seeking to make any position (buy or sell) would need to pay attention to broader market sentiment and trading volume between these important support and resistance levels.

Chainlink (LINK) Targets $25? Holding Above $13 Could Spark Major Rally

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  • LINK is maintaining positive momentum, up 2.23% over the past week and holding near a crucial resistance level.
  • If LINK stays above $13, historical trends suggest a potential move toward $25 or even $50.
  • The key resistance zone between $14.50 and $15.30 holds 153 million LINK from 37,000 investors, making it a critical breakout level.
  • Market conditions remain favorable, and if Bitcoin breaks its consolidation, LINK could see a strong upward push.

Chainlink (LINK) is currently in a positive price momentum and holding strong its ground. Over the past week, LINK is slightly up by 2.23% showing stability and signs for upward trend. LINK is on the verge of breakout and aiming for higher price targets, if the bullish momentum take place.

Currently, Chainlink price is hovering around its crucial resistance level  and trading at 14.29 with a 24-hour trading volume of $ 435.36M, market cap of $ 9.12B. However, LINK price is slightly increased by 0.30% in the last 24 hours.

LINK 7D graph coinmarketcap
Chainlink (LINK) Targets $25? Holding Above $13 Could Spark Major Rally 5

The overall market is in positive phase with Bitcoin hovering around its crucial resistance level. If BTC breakout from this consolidation phase it could help altcoins to gains momentum and recover from recent downturn. Recently, LINK hit its recent low at $11.90 and rebound from this level now aiming for upward momentum.

Chainlink Aiming For $25 to $50 Price Range

Analyst are optimistic about LINK future price trajectory and highlighting key level to watch. Crypto analyst Ali Martinez pointed out LINK future price trajectory. According to the analyst, if Chainlink (LINK) holds above the $13 support at the lower boundary of this channel, history suggests LINK could see a rebound toward the mid or upper range, at $25 and $50, respectively.

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Chainlink (LINK) Targets $25? Holding Above $13 Could Spark Major Rally 6

Moreover, the analyst highlighted that, the most critical resistance zone for Chainlink is between $14.50 and $15.30, where 37,000 investors accumulated 153 million LINK. However, breaking above this wall could open the door for a strong move.

image 167 5
Chainlink (LINK) Targets $25? Holding Above $13 Could Spark Major Rally 7

However, with the positive market phase and LINK stability it is indicated that the token could be poised for huge upward momentum. The coming days will be crucial for LINK direction and if the market continue its bullish momentum LINK is near its breakout.

Related Reading | AUCTION Whales Trigger 50% Price Crash With Massive Exchange Deposits

Chainlink (LINK) Faces Decline Amid Crypto Market Sell-Off, Eyes Bullish Reversal

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  • Chainlink (LINK) has seen an 8.4% decline in the last 24 hours, with its current price at $15.45 amidst broader market volatility.
  • A double bottom pattern is forming, suggesting a potential bullish reversal with a price target of $21.
  • Experts are comparing LINK’s current cycle to 2018, where it saw a 20x surge against Ethereum, raising hopes for similar future gains.

Chainlink (LINK) is currently navigating through turbulent times as it experiences a decline in value, driven by a large-scale sell-off in the broader cryptocurrency market. The recent market volatility has sparked fear and uncertainty, leading to a downturn across many altcoins, including LINK.

As of the latest update, LINK’s price is at $15.45, with a 24-hour trading volume of $1.05 billion and a market capitalization of $9.86 billion. Over the past 24 hours, LINK has seen a significant decrease of 8.4%, reflecting the ongoing challenges faced by the cryptocurrency market.

LINK 1M graph coinmarketcap 2
Chainlink (LINK) Faces Decline Amid Crypto Market Sell-Off, Eyes Bullish Reversal 11

LINK, being one of the top altcoins, has not been immune to these shifts. However, despite the short-term setbacks, some crypto experts are predicting a potential bullish reversal for LINK.

LINK Double Bottom Formation Points to Reversal

Crypto analyst Ali Martinez has pointed out an intriguing technical pattern forming within the price action of Chainlink, a double bottom pattern. This pattern is often viewed as a strong bullish signal, indicating that LINK might be poised for a significant rebound. Martinez suggests that if the pattern plays out, Chainlink could potentially soar to $21, marking a substantial gain from its current price.

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Chainlink (LINK) Faces Decline Amid Crypto Market Sell-Off, Eyes Bullish Reversal 12

The double bottom formation is a common technical chart pattern that indicates a reversal from a downtrend to an uptrend, typically signaling a buying opportunity for investors. If this pattern holds true, it could be a catalyst for Chainlink’s price recovery.

Chainlink’s Potential Bull Cycle: Historical Parallels to 2018

In addition to Martinez’s analysis, another renowned market expert, Michaël van de Poppe, has drawn parallels between Chainlink’s current market cycle and its performance in 2018. Van de Poppe suggests that, like in 2018, LINK is entering a phase of accumulation after a prolonged period of price consolidation. This pattern, he believes, could signal the start of a bullish cycle for Chainlink against Ethereum (ETH).

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Chainlink (LINK) Faces Decline Amid Crypto Market Sell-Off, Eyes Bullish Reversal 13

Van de Poppe points out that during the last similar cycle, Chainlink experienced an impressive 20x increase in value against ETH over a span of two years. With Chainlink’s current market conditions resembling those of 2018, many are hopeful that LINK could replicate this past performance and deliver substantial returns for investors.

Related Reading | Bitcoin Faces Volatility as Whale Holdings Drop to 2019 Lows, While Sharks Accumulate