🌎 Chainlink Price Hits Highest Level Since January 2022

Chainlink Price Surges to Highest Level Since January 2022

Chainlink’s price has demonstrated a strong uptrend, rising for three consecutive weeks and reaching its highest level since January 2022. The cryptocurrency, which is the largest oracle network in the blockchain industry, rose to a high of $26.40, pushing its market capitalization to over $16 billion.

Whale Accumulation and Price Movement

The recent rally coincided with ongoing accumulation by whales. This accumulation is often seen as a good catalyst for cryptocurrency due to the volume of their transactions. Notably, one whale moved Chainlink coins worth over $9.6 million from Binance to AAVE, then borrowed $4 million and deposited it to Binance, possibly to buy more Chainlink.

Another whale moved Chainlink coins worth $7.16 million from Coinbase to a self-custody wallet, while a third whale moved LINK tokens worth over $2 million to OKX. According to Nansen data, the number of Chainlink coins on exchanges stood at over 253.4 million, a few points lower than last week.

Market Sentiment and Price Expectations

Despite the ongoing surge, the market sentiment remains calm, with very little fear of missing out. According to Santiment, a crypto analytics firm, this calm sentiment suggests that the coin will continue rising.

Tips for investors:

Keep an eye on whale accumulation, as it can be a good indicator of market trends.
Monitor market sentiment, as calm sentiment can indicate a potential price increase.
Use technical analysis tools, such as the Murrey Math Lines tool, to identify key resistance and support levels.

Chainlink Price Chart Analysis

The weekly chart shows that the Chainlink price made a strong recovery in the past few weeks, flipping the key resistance level at $22.85 into support. The price has moved to the 50% Fibonacci Retracement level and also flipped the ultimate resistance of the Murrey Math Lines tool. It remains above the 50-week and 100-week moving averages.

Based on this analysis, the immediate short-term target for the Chainlink price will be at $31.25, the extreme overshoot of the Murrey Math Lines. In the long term, the coin may double and retest the all-time high of $52.