Chainlink’s LINK token has seen a remarkable resurgence in recent weeks, surging past the key $13 price level amid an ongoing bull run. This latest milestone comes after LINK broke through the $12.50 barrier last weekend for the first time since April 2022.
Keypoints
- Chainlink (LINK) price recently surged past $12.50 for the first time since April 2022. The number of wallets holding at least 1,000 LINK also hit an all-time high of 27,152.
- A crypto whale recently purchased over 312,000 LINK worth around $3.81 million. This whale has made over $3.9 million in profit from previous trades.
- LINK recently broke out of a long-term ascending channel, signaling a trend reversal. Trading volume has increased.
- If the uptrend continues, LINK could potentially reach $15. But a drop below $12 could result in a retest of $10.
LINK is currently trading around $13.15, up over 20% in the last week alone. The number of wallets holding at least 1,000 LINK recently hit an all-time high above 27,000 as interest in the token grows.
This renewed momentum can be attributed to a recent surge in trading volumes, activity from crypto whales, and a series of promising partnerships for Chainlink. Reports indicate a single whale recently purchased over $3.8 million worth of LINK in a single transaction.
LINK is now coming up against a key monthly macro downtrend resistance level that it last tested in early and late 2021. During those periods, LINK managed to decisively break past this barrier, leading to further upside. Analysts are closely watching to see if history repeats itself.
The technical indicators also paint a bullish picture for LINK in the short term. It recently broke out of a long-term ascending channel, signaling a trend reversal after months of decline. The MACD and other momentum indicators continue to trend upwards.
However, LINK may be due for a retest of support around the $10.7 level if the current rally stalls. The RSI is in overbought territory above 70, which often precedes some consolidation. Key support levels exist around $10.73 and $8.90.
As long as bulls can maintain control above $12, the path of least resistance for LINK appears to be higher. A potential rally towards the $15 level is feasible if LINK can validate the breakout with strong consolidation above its recent highs. Chainlink’s string of promising partnerships, including Arta TechFin most recently, should also continue fueling momentum.
The post Chainlink News: LINK Price Soars Past $13 as Bullish Momentum Continues appeared first on Blockonomi.