Chainlink Surges 20% Amid Increased Whale Activity and Retail Interest
Chainlink (LINK) Growth Overview
Chainlink (LINK) has seen a 20% increase in value over the past week, indicating a possible shift in its long-term trajectory after months of decline. Currently, LINK is approaching a critical level at $17, attracting attention from both investors and experts.
After breaking out of a falling channel and surpassing key exponential moving averages, Chainlink's technical breakout may lead to further gains.
Whale Activity Boosts Confidence
Increased whale activity is driving LINK's upward momentum. Recent data shows a rise of 8.56% in large transactions within the last 24 hours, signaling bullish sentiment among significant players.
Retail interest is also on the rise, with new addresses increasing by 2.10% and daily active users up by 1.09%. Chainlink is trending on social media, with a 0.28% rise in sentiment metrics, contributing to its upward movement.
Current Price Action
At a price of $16.94, Chainlink has gained 11% in the last 24 hours, preparing to break the $17.12 resistance level. Analysts suggest that surpassing this barrier could pave the way toward $30 and potentially retest the all-time high of $52.88 reached in May 2021.
The overall cryptocurrency market is experiencing positive trends, with Bitcoin remaining above $98,000, which supports Chainlink's potential for recovery.
#Chainlink
is attempting to break the multi-year resistance. Potentially entering a bullish expansion phase. + Weekly RSI breakout confirmed. $LINK#Crypto $Alts
— Kevin Svenson (@KevinSvenson_) November 22, 2024
Future Outlook
Coinglass data indicates a rise in Chainlink futures trading, reflecting increased trader interest and confidence. Growing open interest in LINK may support this trend. While technical indicators and market sentiment point toward future growth, achieving a new all-time high will require sustained market confidence and favorable conditions.
Currently, Chainlink benefits from optimism driven by whale activity and rising retail interest. Continued progress through key resistance levels may enable LINK to regain previous highs.
Featured image from DALL-E, chart from TradingView