Chainlink price continued its strong uptrend as it rose for three consecutive weeks, reaching its highest level since January 2022.
Chainlink (LINK), the biggest oracle network in the blockchain industry, rose to a high of $26.40, pushing its market cap to over $16 billion.
The rally coincided with the ongoing accumulation by whales.
In an X post, Lookonchain identified one whale who moved LINK coins worth over $9.6 million from Binance and moved them to AAVE (AAVE). The investor then borrowed 4 million and deposited to Binance, possibly to buy more LINK.
According to Etherscan, another whale moved Chainlink coins worth $7.16 million from Coinbase to a self-custody wallet. Another whale moved LINK tokens worth over $2 million to OKX.
Whale accumulation is often seen as a good catalyst for cryptocurrency because of the volume of their transactions. Altogether, Nansen data shows that the number of Chainlink coins on exchanges stood at over 253.4 million, a few points lower than last week.
Meanwhile, according to Santiment, the ongoing LINK surge happened with very little fear of missing out. As such, the crypto analytics firm expects that the coin will continue rising.
Chainlink has enjoyed a late-week rally, and now needs to climb just +10.8% to match its 3-year high from January, 2022. It is encouraging that there is very little retail FOMO toward LINK. Markets move the opposite direction of the crowd's expectations, so the crowd's…— Santiment (@santimentfeed) December 6, 2024
Chainlink price flips key resistance level
The weekly chart shows that the LINK price made a strong recovery in the past few weeks. It has now flipped the key resistance level at $22.85 into support as this rally accelerated. That was an important price because it was the highest swing on March 11.
Chainlink 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.
Therefore, the immediate short-term target for the LINK 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.
The bullish view will become invalid if the price drops below the key support at $22.85. A drop below that level could see it fall below $20.