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Recently, Chainlink has broken past the $14 resistance signal to a major turn of momentum in the market. In the past seven weeks, whale activity has surged to a 3-month high, raking in $369.8 million to large holders.
In the short term, analysts now dream of ambitious targets, aiming for $20 and, in the really long term, even $100.
Whale Activity at 3-Month High as Chainlink Surges Past $14
According to data from Santiment, Chainlink has a big step forward as it breaks past $13.65 for the first time since July. It is a breakout from other altcoins and indicates the token is decoupling from other altcoins.
An important factor here is the fact that whale activity is now running at a record three-month high. From the past seven weeks, the holders with wallets that have 100,000 to 10 million LINK in them have $369.8 million worth of token accumulation, which is an increase of 8.2%.
Given the market crash on August 4th, this surge is a clear sign that there’s growing confidence among large stakeholders that LINK is going to be worth having. Interestingly, the 264 whale transactions in one day also represent a record since mid-September.
The substantial holding by the large holders suggests a strong long-term bullish sentiment, as these key investors may hold them for an eventual Chainlink play, development, or price movement.
Overall, we saw LINK breakout as well as a parallel rise in whale activity to indicate a strengthening of market support, and whales showed interest in consolidating positions.
Continuing up the recent trend of the token, if demand continues to grow, this could also signal further gains for this activity.
Analysts Eye $100 Target for LINK After Major Downtrend Breakout
Chainlink has broken out of a long-standing downtrend, and the market sentiment may be shifting. The breakout above resistance near the $13 level indicates that LINK is probably in a new accumulation phase and could be laying the ground for more bullish momentum.
Rocko highlights key support and resistance levels, including the breakout as a move from a re-accumulation zone where buyers previously stepped in on that level to prevent further declines.
According to Trader Rocko’s annotations, there is an expectation for continued upward movement, and a speculative target is in the sights if the breakout holds.
In addition to the ‘buy above’ zones, emphasizing continuing to attract buyers, supporting the bullish outlook, and if LINK manages to sustain the current levels, then it has the potential to reach $100.
As a result of a strong technical setup and recent whale accumulation tendencies, LINK is a potential future gainer in the short term.
Looking at the current sentiment suggests favorable conditions for the token`s growth, which could tip it towards resistance levels higher than it currently is if momentum persists.
Chainlink Eyes $20 Target After Breakout Above $14 Level
Bullish momentum has been revealed by the daily Chailink chart, which shows that the token has broken past a key resistance level at $12.0.
An ascending trendline has been forming since August, supporting this breakout of higher lows and suggesting a consistent buyer interest.
The next major resistance level is at $20, scaling with that upward trajectory, it will be attractive to large numbers of investors if buying pressure were to sustain.
Additionally, the Awesome Oscillator and Accumulation/Distribution line show positive signals in the chart, indicating strong buying activity and accumulation with time.
Both the AO indicator itself and the A/D line are in green right now, signaling a positive momentum shift and a lift of investor confidence as buyers are on the rise.
All these indicators indicate a likely sustained uptrend, provided that LINK manages to hold above the support levels.
The LINK future path could be a pullback to the $12 or previous breakout zone before an ascent to the $20 target, then a re-entry point for buying since the bullish sentiment is expected to continue.