Chainlink: Will It Reach $16.5? Here Is the Direction LINK Is Heading
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- 54 new wallets have withdrawn 2.08 million LINK tokens worth $30.28 million.
- LINK was looking bullish at press time, with a golden crossover spotted on the hourly time frame.
The overall cryptocurrency market is currently choppy and top assets such as Bitcoin [BTC], Ethereum [ETH], and Binance Coin [BNB] were in the red.
According to on-chain analytics firm Lookonchain, nearly 54 newly created wallets have withdrawn 2.08 million ChainLink [LINK] tokens worth $30.28 million.
This massive accumulation occurred on the world’s largest cryptocurrency exchange over a seven-day period.
Lookonchain shared in a post on X (formerly Twitter) that whales and institutions may have carried out this massive accumulation.
This notable LINK accumulation of $30.28 million by these whales and institutions signals their interest and confidence as the price hits the resistance level.
ChainLink: Key Levels
According to expert technical analysis, LINK looked bullish, with a Golden Crossover (50 EMA crosses 200 EMA) on an hourly basis and the price approaching a resistance level of $14.8.
However, recent accumulation data and the Golden Crossover suggested a bullish bias in the chart.
At press time, LINK was consolidating near the resistance level and the Open Interest (OI) has increased by almost 2% in the last four hours, possibly indicating interest in the token from investors and traders.
If LINK’s 4-hour candle closes well above the $14.9 mark, we could see possible targets at $15.5 and $16.5 in the coming days.
Source: TradingView
If LINK breaks the $14.9 mark and closes above it, we could see $4.9 million worth of short liquidations, according to on-chain analytics firm Coinglass.
However, the data also suggests that short sellers are more active than long buyers.
Source: Coinglass
LINK Price Performance Analysis
Despite this bullish outlook, LINK was trading near the $14.40 mark at the time of writing. According to CoinMarketCap, it saw a 1% price decline in the last 24 hours, reaching a high of $14.71.
Realistic or not, here is LINK’s market cap in BTC terms
However, the 24-hour trading volume increased by 2%, suggesting lower participation from investors and traders.
In the last seven days, LINK remained stable due to continuous consolidation and recorded an upward movement of 1.3%. While in the last 30 days, LINK has lost over 20% of its gains.
