Chainlink Rockets 20%: Whale Activity Sparks Break From Bear Trend

Christian Encila

7 months ago

3 mins read

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Chainlink (LINK) is experiencing significant growth in the cryptocurrency sector, with a 20% increase in value in just one week and a potential change in its long-term trajectory.

For months, the cryptocurrency has been on a downward trajectory; however, it is currently exhibiting significant signs of recovery. The next significant level for LINK is $17, and investors and experts are closely monitoring the stock.

Chainlink has begun to draw the attention of both institutional and retail investors after breaking out of a falling channel and passing key exponential moving averages. This technical breakout could pave the way for even larger gains.

Whale Activity Increases Confidence

Activity from whales has been one of the prime movers for the upward momentum currently being seen in LINK. As IntoTheBlock would have it, large LINK transactions have jumped 8.56% in the last 24 hours. The spike suggests that large players are very bullish, and it is not something that has gone unnoticed.

Retail interest is also increasing, with a 2.10% increase in new addresses and a 1.09% gain in daily active users. Chainlink is trending on social media, according to Santiment’s research, with its sentiment and weight metrics showing a 0.28% jump. Investors are talking, and the chatter is fueling LINK’s upward march.

LINK Price Action

Presently, at a price of $16.94, Chainlink is up by 11% in the last 24 hours, getting ready to take the next leap and break above the $17.12 resistance barrier. Analysts believe that if this surpasses the specified barrier, the path to $30 will become more likely. Some predict that continued momentum may facilitate a retest of LINK’s all-time high of $52.88, achieved in May 2021.

LINK market cap currently at $10.9 billion. Chart: TradingView

The cryptocurrency market as a whole is experiencing a bullish November, with Bitcoin remaining above $98,000. This broader confidence is boosting Chainlink’s potential, but it still needs to catch up to prior highs.

#Chainlink🔗 is attempting to break the multi-year resistance. Potentially entering a bullish expansion phase. + Weekly RSI breakout confirmed. $LINK #Crypto $Alts 🔗https://t.co/2bZ8zNcP61 pic.twitter.com/Efm0dE9KfZ

— Kevin Svenson (@KevinSvenson_) November 22, 2024

A Rally In The Making

Coinglass data shows a rise in Chainlink’s futures traded, which suggests traders’ growing curiosity and confidence. Additionally exploding open interest in LINK will help to support the positive story. Although technical indicators and market mood forecast future, reaching a new all-time high would need constant market confidence and suitable conditions.

Chainlink is riding a current of optimism at the moment, driven by whale activity and growing retail interest. If it can continue in this trajectory and break through key resistance levels, LINK might be able to surprise everyone and restore its old glory.

Featured image from DALL-E, chart from TradingView

Christian Encila

They say journalists never truly clock out. But for Christian, that's not just a metaphor, it's a lifestyle. By day, he navigates the ever-shifting tides of the cryptocurrency market, wielding words like a seasoned editor and crafting articles that decipher the jargon for the masses. When the PC goes on hibernate mode, however, his pursuits take a more mechanical (and sometimes philosophical) turn.

Christian's journey with the written word began long before the age of Bitcoin. In the hallowed halls of academia, he honed his craft as a feature writer for his college paper. This early love for storytelling paved the way for a successful stint as an editor at a data engineering firm, where his first-month essay win funded a months-long supply of doggie and kitty treats – a testament to his dedication to his furry companions (more on that later).

Christian then roamed the world of journalism, working at newspapers in Canada and even South Korea. He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling - right up his alley!

So, he landed a killer gig at NewsBTC, where he's one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill).

Think Christian's all work and no play? Not a chance! When he's not at his computer, you'll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair.

Speaking of chill, Christian's got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin’ helps him analyze and write meticulously formatted articles even better.

Here's the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day - and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies.

Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors - and bosses - he deeply respects.

So, the next time you tread into the world of cryptocurrency, remember the man behind the words – the crypto crusader, the grease monkey, and the feline philosopher, all rolled into one.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.