invezz.com
26 September 2024 17:04, UTC
While cryptocurrencies target robust recoveries, decentralized oracle platform Chainlink (LINK) looks to explode following its latest price breakout.
Santiment reveals that massive whale accumulations drove LINK’s prevailing revival.
Large-scale investors have consistently purchased the tokens in the last six weeks, buying over 8.5 million Chainlink coins.
🔗📊 Chainlink’s recent price breakout has come on the backs of whales accumulating over 8.5M LINK in the past 6 weeks. Our featured article breaks down the enthusiastic community, spikes in on-chain activity, & more for the #14 ranked cryptocurrency! 👇 insights.santiment.net/read/link-on-t…
That reflects confidence in the asset’s anticipated surges, and overpowering the falling channel pattern could trigger price upswings to $15, translating to an over 25% uptick from LINK’s current price of $12.45.
According to Santiment’s analysis,
“This surge in whale transactions highlights the interest of high-net-worth individuals and institutional investors in Chainlink, and their increased interest in moving the 14th largest market cap assets. Their activities are often indicative of significant price volatility ahead, and in this case (based on price trajectory at the time of the spike) may be of the bullish variety.”
Santiment revealed factors behind LINK’s latest price performance.
Besides the enormous whale accumulation in the last six weeks, several catalysts support Chainlink’s upside trajectory.
The altcoin’s monthly MVRV ratio recently climbed to +9.2%, suggesting potential growth.
Meanwhile, a jump to +15 could indicate a price top and imminent dips.
Nevertheless, the 365-day Market Value to Realized Value is -13.1%, indicating a massive room for LINK’s anticipated surge.
Also, the Mean Dollar Invested Age saw a sharp dip on 19 September.
The metric shows the average timeframe that assets have been dormant in LINK wallets.
The drop confirmed reactivations of assets that have been idle.
Sending dormant tokens back to circulation reflects renewed holder optimism.
Long-term investors are willing to participate amid potential bullish moves.
The 24-hour chart shows the alt has traded within a plunging channel formation since the March 2024 rejection.
Meanwhile, Chainlink teases a breakout after forming a solid support floor at $9.60.
The latest double-bottom rebound saw LINK gaining nearly 28% in the past 20 days, soaring from $9.556 to surpass the 50-day Exponential Moving Average.
Moreover, the recent jump past the resistance at the 100-day Exponential Moving Average, coinciding with $12.16, opened the path for more upswings.
Chainlink is testing the crucial hurdle at 23.60% FIB retracement level ($12.43).
Overcoming this hurdle will open the doors toward 38.20% FIB (14.21) and 50% FIB ($15.64).
That would lead to a 25.62% surge from LINK’s current price.
Chainlink trades at $12.45 after gaining 0.75% in the past day.
The alt gained 10.83% the previous week, and the massive whale interest indicates continued bullishness.
Technical indicators and on-chain metrics support the upside stance.
Thus, LINK will likely close September with gains and explode in the highly awaited October rally.
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