Chainlink Eyes Rally to $32 Amid Whale Transfer of 362K LINK
The post Chainlink Eyes Rally to $32 Amid Whale Transfer of 362K LINK appeared on BitcoinEthereumNews.com.
Despite the recent downward pressure, Chainlink is holding support around $21, which could serve as a base for a rally toward the $32 resistance level. Chainlink has seen increased on-chain activity, including a rise in active addresses and transaction volumes. Chainlink’s (LINK) recent activity in the crypto market has gained quite a lot of attention, with substantial shifts in token movements and on-chain metrics hinting at possible price volatility. In the last 48 hours, nine new whale wallets withdrew a combined 362,380 LINK tokens valued at approximately $8.19 million from Binance. This surge in large-scale accumulation has fueled speculations about a possible bullish breakout for the token. Chainlink Price Analysis: Is $32 Target Next? Despite the heightened interest, Chainlink’s price has faced downward pressure. As of this writing, LINK is trading at $22.11, representing a 2.82% gain over the past 24 hours. This indicates that the weekend downturn was temporary as the token approaches key technical levels that could define its next price trajectory. Source: TradingView The Chainlink price has retreated since climbing to a high of $32 in November, finding support in the $21 range. This zone is important for the token, as it may act as a base for a potential rebound. If LINK can hold this support, it could initiate a fresh rally toward its resistance level at $32. On the flip side, failure to sustain this critical support could result in further declines, pushing LINK to test lower levels. Market participants are closely watching these price movements as they are likely to determine the token’s immediate trend. Currently, derivatives data suggests a positive picture for Chainlink’s price. According to Coinglass data, the LINK open interest has surged 3.89% to $555.64 million in the last 24 hours, indicating a bullish sentiment among traders. Increasing On-Chain Activity Fuels…
Filed under: News - @ December 23, 2024 4:24 pm