Chainlink Price: The Twelfth largest cryptocurrency by market Chainlink (LINK) emerged as an outperforming asset in February 2024. Within a fortnight the coin price surged from $13.63 to $18.3, registering 34.2% growth. This recovery could be attributed to active accumulation from whales as coingape mentioned in a previous article.
Can LINK price continue the recovery momentum amid the current market consolidation?
Also Read: What Will Be My Portfolio If Chainlink Hits $100 in 2024?
Cup and Handle Pattern Set Chainlink Price for 75% Surge
Chainlink Price| Tradingview
Amid the January-end relief rally in the crypto market, the Chainlink price rebounded from $13.5 and reached a 2-year high of $19.7. This rally back by increasing volume and active accumulation from whales projected sustainable growth for holders.
In a significant move tracked by IntoTheBlock, a mysterious whale/institution has withdrawn 2,745,815 $LINK, valued at roughly $49.9 million, from Binance into 49 new wallets. Additionally, a whale, known as “0x2A19”, has extracted 494,957 $LINK ($9M) from Binance over the past 10 days.
Whales/institutions continue to accumulate $LINK!
This mysterious whale/institution withdrew 2,745,815 $LINK($49.9M) from #Binance via 49 new wallets.
Whale”0x2A19″ withdrew 494,957 $LINK($9M) from #Binance in the past 10 days.https://t.co/QoP2waErBShttps://t.co/iaPHa9f0XB pic.twitter.com/GUW1S33NHf
— Lookonchain (@lookonchain) February 7, 2024
The recent rally also provided a massive breakout from the neckline resistance of the cup and handle pattern which carried a consolidation phase for the past 23 months. Currently trading at $18.28, if the Chainlink Price manages to sustain above the breached resistance, the buyer can drive a rally to $24.2, followed by $30.7.
Crypto Analyst Signals a Potential Retest In LINK Price
In a recent analysis by renowned trader @rektcapital, a potential scenario for $LINK is outlined where minor price dips could lead the asset to the top of the Re-Accumulation range. Such movements, should they materialize, are seen as retest attempts that could validate the strength of the current trend, setting the stage for its further continuation.
$LINK
Breakout confirmed
Any dips into the top of the Re-Accumulation range (if they happen at all) would likely act as a retest attempt before further trend continuation#LINK #Crypto #Chainlink https://t.co/qo1dgVjpjV pic.twitter.com/8UpKzUeLuF
— Rekt Capital (@rektcapital) February 5, 2024
- Bollinger Band: The rising upper boundary of the Bollinger Band indicator signals aggressive bullish momentum.
- Average Directional Index: The upward trajectory of the ADX slope, currently at 25%, suggests that the bullish trend has the potential for further growth.
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