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- LINK price jumped 13.6% to $18.82, breaking out of a bearish chart pattern.
- Whale wallets withdrew over $15M in LINK, suggesting accumulation.
- RSI recovery and strong trading volume point to potential continuation toward $20+.
Chainlink (LINK) has staged an impressive comeback, rallying 13.6% in the past 24 hours to trade near $18.82, marking one of its strongest daily performances in October. The rebound comes after weeks of volatility and appears driven by a combination of whale accumulation, regulatory optimism, and technical recovery.
Whale Activity and Policy Signals Boost Confidence
Market sentiment turned notably positive after Chainlink co-founder Sergey Nazarov participated in a U.S. Senate discussion on blockchain policy, signaling growing recognition of blockchain infrastructure at the regulatory level. The event reignited hopes for clearer crypto regulations, which could favor established projects like Chainlink.
Meanwhile, on-chain data revealed that large holders — or “whales” — have withdrawn over $15 million worth of LINK from exchanges in the past week. Such moves typically indicate accumulation and reduced selling pressure, suggesting that major investors are positioning for a potential upside move.
LINK Price Breaks Out of Bearish Pattern
On the technical side, LINK has broken above a bearish head-and-shoulders formation that had capped its upside since early October. The token rebounded from a $14 low on October 10, reclaiming the 20-day Bollinger midline at $18.38 as near-term support.
If bulls sustain this momentum, the 50-day EMA at $20.16 becomes the next major resistance to watch. A close above this level could confirm a trend reversal, potentially setting up a move toward $23.31 or even $25.58 in the coming weeks.
Also Read: XRP Drops 17% to $2.45: Key Support Tested Amid Rising Market Volatility
Momentum indicators support this recovery — the RSI has surged to 67.9, up from a deeply oversold 37.5 last week. Although the MACD remains slightly negative, its fading red histogram points to waning bearish pressure and strengthening buyer conviction.
Key Levels to Watch
With 24-hour trading volume surpassing $1.09 billion, LINK’s breakout carries solid backing from market participants. However, failure to maintain above $18.50 could trigger a short-term correction toward $17.06 or $15.75, where strong support levels remain.
As technicals firm up and whales continue accumulating, Chainlink’s recovery could extend — but traders should watch the $20.16 level closely as the next key pivot point for confirmation.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
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