Chainlink Retests $20 Support Amid Whale Accumulation, Suggesting Possible Move Toward $22 and $28

• Chainlink rebounds to $20, marking a key support level for potential upward momentum.

• Whales have accumulated 1.6 million LINK, reflecting strong confidence among large holders.

• Breaking above $20 could lead to near-term targets of $22 and $28 amid rising trading volumes.

Chainlink retests $20 support with strong whale activity, indicating a bullish breakout potential toward $22 and $28. Follow LINK market updates on COINOTAG.

Chainlink Approaches Key $20 Support Amid Market Recovery

Chainlink (LINK) is currently testing the $20 support level after recovering from a recent dip, a critical point that could determine its next price direction. LINK surged from a low of $12.20 to a high of $20.28 before facing resistance. The token’s rebound to $19.53 in the last 24 hours marks a 3.53% gain, indicating renewed buying interest and a potential bullish retest of this breakout zone.

What Does a Bullish Retest Mean for Chainlink?

A bullish retest occurs when LINK pulls back to a previously broken resistance level, now acting as support. This price action often signals strength and sets the stage for further upward movement. Analyst Ali highlights this setup as a potential catalyst for LINK to reach $22 or even $28, provided the market sustains its current momentum.

The recent price recovery from $17.17 supports the view that LINK is preparing for a potential upward move, with $22 as the next resistance level to watch closely.

Whale Accumulation Strengthens Chainlink’s Bullish Outlook

On-chain data reveals that large investors, or whales, have accumulated over 1.6 million LINK tokens within two weeks. This accumulation during LINK’s consolidation phase near $20 suggests growing confidence among major holders. Notably, the top 10 Chainlink wallets control approximately 32% of the circulating supply, indicating strong long-term holding sentiment.

Additionally, LINK futures trading volume surged, with over 53 million tokens traded in the last 24 hours. This heightened activity reflects increased speculation and market interest around the $20 price level, reinforcing the bullish outlook.

What Are Chainlink’s Short-Term Price Targets?

If LINK maintains support above $20 with sustained high trading volume, analysts anticipate a move toward $22 as the immediate target. Continued buying pressure could push prices further to $28. This bullish buildup signals optimism in LINK’s market performance despite broader crypto market volatility.

Frequently Asked Questions

What factors contribute to Chainlink’s recent price rebound?

Chainlink’s rebound is mainly due to whale accumulation of over 1.6 million LINK tokens and increased futures trading volume, indicating strong market interest and confidence.

Can Chainlink sustain its bullish momentum in volatile markets?

Yes, sustained support above $20 and active trading suggest LINK can maintain bullish momentum despite overall market volatility.

Key Takeaways

• Chainlink is retesting the $20 support level: This is a critical price point for potential upward momentum.
• Whale accumulation exceeds 1.6 million LINK tokens: Signaling strong confidence from major holders.
• Short-term targets include $22 and $28: These levels represent key resistance points if bullish sentiment continues.

Conclusion

Chainlink’s retest of the $20 support level, combined with significant whale accumulation and increased trading volume, highlights a strong bullish setup. Maintaining this momentum could propel LINK toward $22 and $28 in the near term. Investors should monitor these levels closely as the market develops.

Chainlink retests $20 support amid rising whale activity, signaling a potential breakout toward $22 and $28 if the bullish trend holds.

Key Insights:

• Chainlink is approaching a $20 retest after rebounding from a recent dip, indicating a critical level for potential upward momentum.
• Whale accumulation of over 1.6 million LINK suggests confidence in continued gains, supported by rising trading activity and futures volume.
• A breakout above $20 could set the stage for near-term targets at $22 and possibly $28, depending on sustained bullish market sentiment.

Chainlink (LINK) is showing renewed strength after recovering from last week’s market correction. The token is currently trading near the $20 mark, a critical level previously identified as a breakout zone. LINK had earlier surged from a low of $12.20 to a high of $20.28 before facing selling pressure. The rebound over the past three days has lifted prices back to $19.53, marking a 3.53% gain in the last 24 hours.

According to analyst Ali, Chainlink’s price action suggests a bullish retest may be underway. A bullish retest occurs when a token pulls back to a previously broken resistance to confirm it as support. This move often precedes further upward movement. 

The recent rebound near $17.17 and steady recovery indicate that LINK may now be preparing for a move higher, with $22 identified as the next resistance level.

Whale Accumulation Adds Strength to Outlook

On-chain data has highlighted increased interest from large investors. Reports indicate that whales accumulated over 1.6 million LINK tokens over a two-week span. The accumulation occurred during LINK’s consolidation phase after its rise toward $20. The big purchases usually reflect a growing confidence of major holders that is often followed by further increases in price.

According to a recent report, the concentration of the cryptocurrency was also discovered to be 32% in just the top 10 Chainlink wallets. This concentration can be associated with the sentiment to withhold over the long term by the major players. Meanwhile, LINK futures activity flared up as more than 53 million of the tokens were traded in the last 24 hours. This is in light of increased speculation of breaking above the 20 dollar barrier with more trading done around it.

Short-term targets shake up over Bullish Build up

In case LINK manages to maintain above the 20 price and this is attributed to high volume, analysts are of the view that a move towards $22 may materialize. It could be extended to a further level of 28 with the rise in the buying pressure. The recent upward trend is an indicator of increased hope in the LINK market amidst the increased volatility of the whole market.