The post Mapping LINK’s road to $58 – Here’s how large holders can spur this rally! appeared on BitcoinEthereumNews.com.

On the price charts, LINK broke out of a bullish flag pattern after weeks of consolidation Whales stepped up their activity, purchasing a significant portion of LINK In the last 24 hours, LINK saw a notable price hike of 1.65%, extending its market gains for the past week to 22.35%. What this means is that there may be potential for further price movement on the charts.  In fact, market sentiment and price action indicated that LINK could record double-digit gains soon, particularly if the prevailing bullish trend persists. Double-digit gains to push LINK to $50? According to popular crypto analyst Ali, LINK has taken its first step towards a major bullish move. This, after the altcoin breached a key resistance level of the bullish pattern it was traded within.  The pattern in play is known as a bullish flag, where the price consolidates within a defined support and resistance zone after a major upswing. This sets the stage for more upside, something that is usually confirmed once the resistance level is broken – Which LINK has done already.  Source: TradingView The chart, which included Fibonacci retracement levels, highlighted a phase where the price may register slight pullbacks before continuing its upward trajectory. The potential target from this zone is $58.64, nearly three times its press time value of $22.906. According to AMBCrypto’s analysis, whale accumulation of LINK will play a significant role in driving this price push on the charts.  Whale purchases could drive LINK’s surge IntoTheBlock’s data also highlighted a major hike in large investor activity on LINK. These large investors, typically holding 0.1% to 1% of the total supply, have been playing a key role in LINK’s recent price action. In the last 24 hours alone, the number of large transactions involving LINK spiked to 593, with a…

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Filed under: News - @ January 19, 2025 3:12 am