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The Chainlink price support at $22 has become a critical zone as LINK fights strong selling pressure. Despite a 5.7% drop in the past 24 hours and fears of a potential plunge to $12, whales are accumulating LINK at every dip, signaling optimism for a long-term rally. Analysts remain divided on the short-term outlook, but bullish
The Chainlink price support at $22 marks a pivotal point, with LINK trading at $21.36 as of today, boasting a market cap of $13.63 billion. Data from Coinglass reveals a 12% decline in LINK’s open interest to $551 million, alongside 24-hour liquidations soaring to $3.02 million, of which $2.83 million came from long positions.
Popular crypto analyst Solberg Invest has identified a head-and-shoulders pattern forming on Chainlink’s (LINK) chart. If LINK breaches the neckline, the analyst predicts a potential price drop to $16.6, with a worst-case scenario of $12.5. “This technical formation highlights caution for short-term traders, but we’re closely monitoring whale activity as a counterbalance,” noted Solberg.
However, long-term investors appear unfazed. A survey by CoinCodex reveals that 62% of respondents expect LINK to hit $35 in the next month and possibly surge to $40 within three months. This reflects growing confidence in Chainlink’s resilience, with predictions of up to 100% gains by Q1 2025.
Blockchain analytics firm Santiment confirms that whale activity is on the rise, providing a strong Chainlink price support narrative. Over the past three days, wallets holding between 1 million and 10 million LINK have accumulated 3.58 million tokens, valued at nearly $76.9 million.
Historically, whale accumulation is a bullish signal for any cryptocurrency, and LINK is no exception. Santiment data shows that whales are using this correction phase as an opportunity to strengthen their holdings.
“Whale accumulation during market retracements is a classic indicator of long-term confidence,” said blockchain strategist Emily Carter. “Such moves often precede a robust price recovery, as whales historically set the stage for the next rally.”
This accumulation aligns with projections of a LINK rally to $44. A recent LINK price prediction has fueled optimism, pointing to increased momentum if bulls manage to break past current resistance levels.
The Chainlink market finds itself at a crossroads. On one side, bearish indicators like the head-and-shoulders pattern suggest caution, while on the other, whale accumulation and bullish investor sentiment hint at a recovery.
Crypto trader Alex Freeman weighed in on the matter, stating, “While short-term patterns look bearish, LINK has shown resilience in similar scenarios before. If Chainlink price support at $22 holds firm, a breakout to $30 or even $44 is within reach.”
Adding to this outlook is the broader crypto market’s performance. Bitcoin and Ethereum corrections have impacted altcoins like Chainlink, but LINK-specific developments, such as increased partnerships and staking initiatives, could provide the necessary boost.
Despite bearish short-term indicators, several factors bolster the case for a strong LINK recovery:
Whale Accumulation: Whales adding millions of LINK tokens suggests confidence in a long-term price rise.
Investor Optimism: Bullish sentiment sees LINK potentially doubling in value by early 2025.
Technical Support Levels: If the Chainlink price support at $22 holds, it may serve as a launchpad for higher targets.
Broader Market Trends: Positive developments in the crypto space could spill over to Chainlink.
Increased Utility: Chainlink’s expanding ecosystem and adoption by DeFi projects solidify its position.
While Solberg Invest highlights bearish patterns, other analysts like Michael Groves of CryptoWave believe that LINK is primed for a turnaround. “With whales accumulating and the market stabilizing, we could see Chainlink hit $40 or higher in the next three months,” Groves predicted.
Similarly, Emily Carter added, “The Chainlink price support at $22 is being heavily tested, but the accumulation trend suggests a bullish reversal is imminent.”
As the crypto market faces ongoing turbulence, Chainlink price support at $22 emerges as a key level to watch. With whales accumulating LINK and investor sentiment improving, the token’s long-term prospects remain bullish.
While short-term volatility may persist, the potential for a rebound to $44 keeps LINK investors optimistic.
For now, traders are advised to monitor support and resistance levels closely while keeping an eye on whale activity and market trends.
Chainlink price support could very well prove to be the foundation for a significant rally heading into 2024. Stay updated with the latest developments in the cryptocurrency industry through The BIT Gazette
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