Chainlink (LINK) had a sharp price gain in just 25 days, going from around $7.40 to almost $14.60. This represents a 125% increase. The 200 biggest LINK wallets added a total of 40.18 million LINK tokens to their holdings around October 17, which is when the sudden surge in value occurred. The significant holders’ infusion of purchasing pressure is probably what gave LINK’s price its upward momentum.
More details about Chainlink’s price movement can be seen in the daily chart. Following a significant rise, LINK is stabilising above $14.60, above the 50- and 100-day moving levels, suggesting a robust bullish trend. The price is maintaining well above the moving averages, which are arranged in a bullish shape, indicating that the market is still feeling upbeat.
Given the major wallets’ considerable holdings, which are still high, there may be a basis for long-term price support. Traders should, however, keep an eye out for a break below the moving averages or trend line, as this might indicate a change in trend and potential price reversal. The optimistic view may hold if LINK keeps its position above these technical indicators, which might result in more price increases in the near future.
On the other hand, traders and investors need to be on the lookout when the volume drops. Volume declines can occasionally be indicators of a slowing momentum, which could result in a reversal or stabilisation of prices. The whales’ power may keep the price stable if they cling onto their assets or keep adding to them. However, if they start selling off their assets, the market may move.
The positive trend may continue in the near future if LINK keeps its trend above the pivotal moving averages and the rising trendline. A short-term reversal might be indicated by a break below these.
