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Chainlink Price Prediction: LINK remains bullish despite short-term sell-off as whales hold strong

  • Chainlink price plummeted by 40% in the past 48 hours touching $20.8.
  • LINK whales haven't sold, which indicates they feel confident in the digital asset. 
  • Chainlink aims for a massive rebound towards $36.

Chainlink suffered a major drop just like the rest of the market, falling from a high of $34.2 to a low of 20.8 in less than 36 hours. Despite the significant sell-off, whales haven't sold their holdings and remain confident in the digital asset. 

Chainlink price faces one critical resistance level before a jump to $36

On the 12-hour chart, LINK bulls have defended the 100-SMA support level two times in a row and now aim to crack the 50-SMA resistance point. A breakout above this level could quickly drive Chainlink price towards $36 as there is almost no resistance above.

link price

LINK/USD 12-hour chart

The most significant factor in favor of the bulls is that whales haven't sold during the last sell-off. Since February 11, the number of whales holding between 100,000 and 1,000,000 LINK coins ($2,700,000 and $27,000,000) actually increased by one. 

link price

LINK Holders Distribution

The In/Out of the Money Around Price (IOMAP) model adds a lot of credence to the bullish outlook above as it shows no significant barriers above $28, which is the 50-SMA resistance level. 

link price

LINK IOMAP chart

However, there is only one significant support area between $26.27 and $27 with 27 LINK coins in volume from 11,620 addresses. Losing this massive support area could quickly drive Chainlink price down to $23. 

Author

Lorenzo Stroe

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.

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