Chainlink Gains 10%, Eyes $100 Target with Key Breakout
Chainlink (LINK) Market Update:
- Chainlink has achieved nearly a 10% gain over the past week, with its market cap around $12 billion.
- The LINK price has rebounded from a strong support zone at $17, seen as a significant accumulation area by analysts.
- A breakout above $20 could lead to further gains, potentially reaching $100.
Technical Analysis Insights:
- Analyst Ali Martinez highlights a symmetrical triangle pattern in LINK's price chart, which may result in a major breakout.
- A decisive break and close above $25 could trigger a rally towards $53 or even $100.
Whale Accumulation and Reserve Activities:
- Whales accumulated over 13 million LINK tokens recently, despite overall market weakness.
- The Chainlink Foundation is actively buying back LINK tokens to bolster reserve plans.
- Recent buyback of 63,481 LINK tokens stabilizes the price and prevents further losses.
- The Chainlink Reserve now holds 586,641 LINK, valued at approximately $10.2 million.