LINK, the Native Cryptocurrency of the Decentralized Oracle Network Chainlink, Recorded a 2% Surge

This renewed recovery followed a broader market uptick and an accumulation trend among whale investors. Will this recovery push past the $20 resistance?

LINK, the native cryptocurrency of the decentralized Oracle network Chainlink, displayed a 2% surge during Tuesday morning's trading session.

This fresh recovery follows a broader market uptick and an accumulation trend among whale investors, potentially setting the stage for further gains towards the $20 resistance.

Key Highlights:

Chainlink Price Records 30% Gain as Whale Accumulation Grows

Crypto analyst Ali Martinez recently pointed out that whales have accumulated over 2.29 million LINK tokens in the past 10 days.

This surge in accumulation by high-net-worth investors suggests growing confidence in Chainlink’s long-term potential amid a recovering crypto market.

The tweet highlights a clear uptick in whale, typically wallets holding between 100,000 to 1 million LINK. Historically, such accumulation phases have preceded strong upward price momentum for LINK, as smart money positions itself before major rallies.

LINK Sess +20 Gain Before Hitting Major Resistance

In the last two weeks, the Chainlink price showcased a linear growth from the $11.85 low to the current trading value of $15.48, registering a 30% growth. An analysis of the daily chart shows this reversal as a bull cycle with the formation of a falling channel pattern.

Since mid-December 2024, the LINK coin price has been resonating within two downsloping trendlines which act as dynamic resistance and support. If the pattern holds true, the current recovery could rise another 26% to challenge the range resistance at $20.

A potential breakout from these barriers would be crucial to identify a renewed uptrend in Chainlink price.

On the contrary note, if LINK sellers continue to defend the upper boundary of the channel pattern, the current correction will extend further.