Chainlink Price Forecast: LINK ready for a jump $40 with no significant barriers ahead
- Chainlink price had a massive sell-off in the past 24 hours hitting $27.5.
- LINK bulls bought the dip pushing the digital asset by 24% within a few hours.
- Large whales have bought a lot of Chainlink coins in the past week.
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Chainlink price had another massive rally in just three days, jumping by 33% and reaching a new all-time high of $35.7. On February 15, the digital asset suffered a massive sell-off dropping by 20%, but the bulls bought the dip.
Chainlink price looks bullish as whales continue to accumulate
The number of whales with 1,000,000 to 10,000,000 LINK coins ($34,000,000 to $340,000,000) has increased significantly by three in the past week, indicating that large holders believe Chainlink price can surge even higher.
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LINK Holders Distribution chart
Using the Fibonacci Retracement tool, the next potential price target on the daily chart seems to be around $43 which is the 127.2% fib level. Higher than that, Chainlink might even reach $52.89 in the long-term, at the 161.8% level.
LINK/USD daily chart
However, on the daily chart, the TD Sequential indicator has presented a green ‘8’ candlestick which is usually followed by a sell signal. Validation of this call could quickly send LINK towards $30 again and even $25 at the 61.8% level.
Author
Lorenzo Stroe
Independent Analyst
Lorenzo is an experienced Technical Analyst and Content Writer who has been working in the cryptocurrency industry since 2012. He also has a passion for trading.
