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Chainlink (LINK) is attempting another rebound move after witnessing intense fluctuations in the last seven days.
The LINK price sunk to a $12 low, however, it has broken the $14.50 and $15 resistance levels and looks likely to sustain the momentum.
Whales Accumulate as LINK Breaks Key Resistance Levels
This strong, bullish signal triggered whale action in the ecosystem. Within the last 24 hours, IntoTheBlock data show that large transactions have soared by 190% as investors engaged in active trading.
Notably, within the last 24 hours, Chainlink whales have carried out a total of 215 transactions, which resulted in the movement of 6.45 million LINK.
At current market value, these transactions are worth approximately $99.85 million.
This highlights the volume of transactions that LINK whales have done within hours after the token started its recovery.
Analysts are attentive to whale actions, which usually signal likely bullish moves for an asset. The uptick in whale accumulation could indicate that these large holders anticipate a price rally.
Hence, the buying spree could have been to take advantage of the low price for profit when the price soars.
Meanwhile, in the last seven days, the LINK whales have hit a high of 238 transactions, totaling 8.82 million LINK.
These movements have intrigued the Chainlink community and the broader crypto market, raising the possibility of a sustained recovery for LINK.
However, retail investors are still undecided about following the lead of large holders. While large holders accumulate, trading volume has declined by 21.18% to $316 million.
This signals caution for smaller investors with less than $100,000 in LINK. They might be looking to see an end to the wild fluctuations LINK has recorded in the last seven days before committing their funds.
Institutional Collaborations Amid Rebound Moves
Interestingly, Chainlink, a leading decentralized Oracle network, has remained active in the broader financial market.
Chainlink and Abu Dhabi Global Market (ADGM) recently signed an MoU to enhance Web3 awareness and explore advanced blockchain.
Chainlink has to bring in its technical expertise to support research focused on cross-chain interoperability and tokenized utility.
Market observers anticipate that this development could act as a catalyst to support LINK’s long-term recovery journey.
Will LINK Hit $40? Analysts Weigh In
According to market data, LINK price has risen 1.81% to $15.41 in the last 24 hours. The token gained about $0.50 during this period.
As a complement, LINK has climbed a significant 14% in the last seven days. Analysts are predicting the potential of a massive rally ahead for LINK, which could see its price soar to over $40.
Notably, they opine that LINK is facing critical resistance at $18.12, and breaching this mark could signal a rally toward the projected $40 mark.
CW, a notable crypto investor and data analyst, makes a bold prediction of $43.8 for LINK.
The analyst based his figures on the bullish flag pattern being formed by LINK as per its technical indicator.
He maintains that if LINK successfully breaks the $18 barrier, it has the potential to hit his projection in the coming months.
If LINK fails, this could trigger a downturn, with LINK crashing to $11.71 in the short term. Experts are predicting between $19.10 and $21 by April 2025.
Market participants will have to monitor market dynamics closely to see how LINK’s price outlook develops.