Chainlink price rally begins as whales scoop up 10 million LINK overnight
- The accumulation of Chainlink by whales continues, with $140 million in LINK scooped up overnight.
- Sergey Nazarov, co-founder of Chainlink, believes the altcoin has cleared the biggest hurdle in DeFi.
- Analysts predict a rally in Chainlink price and identify stiff resistance at $15.42 on LINK’s uptrend.
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Chainlink price could breakout into a rally as whales scoop up the altcoin. Chainlink price could hit resistance at $15.42, according to leading analysts.
Chainlink is prepared to breakout, could face stiff resistance
Chainlink has witnessed a rising accumulation of LINK by large wallet investors. Based on data from a crypto intelligence platform, whales have purchased over 10 million LINK tokens worth $140 million.
Based on recent transaction history, Chainlink’s support level is at $13.55. Ali Martínez, a renowned crypto analyst, recently tweeted about it. Martinez notes that 7,350 addresses purchased 11.46 million LINK tokens.
The recent accumulation is fueling a bullish outlook among investors. The analyst has identified stiff resistance for Chainlink price at $15.42, where 9,260 addresses accumulated 22.55 million tokens.
#Chainlink | Transaction history shows that the most significant support level sits at $13.55, where more than 7,350 addresses purchased over 11.46 million $LINK.
— Ali Martinez (@ali_charts) April 15, 2022
On the other hand, #LINK faces stiff resistance at $15.42 where 9,260 addresses hold over 22.55 million tokens. pic.twitter.com/bxlqgXOHi8
Typically, the price level at which a higher number of investors accumulate the altcoin is a key level in its rally. There could be an increase in selling pressure or profit taking by altcoins at the price level.
Interestingly, whales have added more LINK tokens overnight, pulling the altcoins token out of circulation.
Sergey Nazarov, the Chainlink co-founder, believes the project has overcome major hurdles in the DeFi ecosystem. Chainlink’s path to higher adoption and utility is clearer now, with higher relevance in DeFi.
Chainlink’s series of partnerships have failed to influence the altcoin’s price; however, positively, whale accumulation could fuel a rally in the altcoin.
Analysts have evaluated the Chainlink price trend and @lukasz_wydra, a leading analyst and trader, identified that the price of LINK just touched the 50-day moving average.
#Chainlink $LINK with an interesting setup. It broke out above the downtrend line a few days ago and is now testing it as support. Additionally, it has just touched the 50-day SMA. Opportunity? pic.twitter.com/YBQ1OOZ1H3
— Lukasz Wydra (@lukasz_wydra) April 7, 2022
Author
Ekta Mourya
FXStreet
Ekta Mourya has extensive experience in fundamental and on-chain analysis, particularly focused on impact of macroeconomics and central bank policies on cryptocurrencies.
