cryptonewsz.com
The cryptocurrency market showed a neutral stance during Thursday’s trading session as Bitcoin struggles to hold $100k. While the consolidation continues to stall recovery in most major altcoins, the Chainlink price shows resilience and hit a 3-year high of $29.45. The uptick fueled by whale and shark accumulation hints at the potential for another breakout in the near term.
The $LINK price currently trades at $27.2 with an intraday gain of 13%. Consecutively, the asset’s market cap surged to $17 Billion, while the trading volume is at $3.08 Billion.
Key Highlights:
- A rounding bottom pattern drives the current recovery in Chainlink price.
- The coin price poised for a $28.7 resistance breakout could drive a 26% surge to hit $36.4.
- The $LINK coin trading above the daily Exponential moving average (20, 50, 100, and 200) indicates a broader market uptrend.
Chainlink Price Explodes 172% Amid Massive Whale Buying Spree
Following the broader market, the Chainlink price rallied significantly from $10 to $27.8, accounting for a $172% surge. The price surge is attributed to significant whale and shark accumulation, with wallets holding over 100K $LINK collectively adding 5.69 million $LINK in the last two months.
According to Santiment data, smaller wallets holding less than 100K $LINK have shed 5.67 million $LINK during the same period, highlighting a redistribution from retail to large investors. This shift in holdings aligns with historical trends where large wallet accumulation amid retail selling often precedes market cap growth.
🔗📈 Chainlink has surpassed $29 for the first time in 37 months, generating excitement from the community. This latest decoupling of $LINK’s price has been supported by rising levels of whale & shark accumulation.
🐳🦈 Wallets with 100K+ $LINK have added 5.69M $LINK to their… pic.twitter.com/4c1uEZuEJj
— Santiment (@santimentfeed) December 12, 2024
$LINK Eyes $52.8 as Rounding Bottom Pattern Signals Bullish Reversal
The Chainlink price analysis of the daily chart shows the formation of a classic reversal pattern called the rounding bottom. The chart setup shows three key phases, i.e., a significant downtrend, a long consolidation/accumulation, and high momentum, following a saucer shape.
Currently, the $LINK price trades at $28.3 and challenges a 3-year-long resistance level of $28.7. A potential breakout will provide buyers with the next step to prolong the bullish trajectory.
If the pattern holds true, the coin buyers could chase potential targets of $36.3 and $44.4 before challenging the $52.8 neckline resistance. A flip above this resistance would indicate a major shift in market trends.
Despite the bullish outlook, a uni-directional rally is unlikely to sustain a prolonged prediction. Thus, the Chainlink price could use a 20-day EMA slope to offer dynamic support and recuperate the exhausted bullish momentum.