Chainlink Price Surges 34.2% on Whale Accumulation
Chainlink (LINK) has emerged as an outperforming cryptocurrency in February 2024, with a price surge of 34.2%. This recovery can be attributed to active accumulation from whales, as mentioned in a previous article.
Cup and Handle Pattern Signals Potential for 75% Surge
The recent rally in the Chainlink price led to a breakout from the cup and handle pattern, which had been in a consolidation phase for the past 23 months. If the price manages to sustain above the breached resistance, it could rally to $24.2 and potentially reach $30.7.
Crypto Analyst Signals Potential Retest
A crypto analyst suggests that minor price dips in Chainlink could lead to a retest attempt before further continuation of the trend. This retest would validate the strength of the current trend and set the stage for potential growth.
- Bollinger Band: The rising upper boundary of the Bollinger Band indicator signals aggressive bullish momentum.
- Average Directional Index: The upward trajectory of the ADX slope suggests that the bullish trend has further growth potential.
Hot Take: Chainlink Price Shows Strong Recovery with Whale Accumulation
The recent surge in Chainlink’s price is fueled by active accumulation from whales. This accumulation indicates confidence in the asset and suggests a positive outlook for its future performance. With a breakout from the cup and handle pattern and potential retest attempts, Chainlink’s price could continue its recovery momentum and experience significant growth in the coming days.