Chainlink Nears $20 Retest as Whale Accumulation Grows Stronger

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.

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