Chainlink (LINK) Whales Accumulate 15M Tokens Signaling a Potential Rally

Speculations about a Chainlink (LINK) rally are now emerging following the recent surge in whale detection of Chainlink tokens.

Chainlink (LINK) has been making headlines recently due to the massive whale detection of Chainlink tokens.

According to available data, over the last two months, large holders, or “whales,” have purchased over 15 million LINK tokens, valued at approximately $165 million.

This significant accumulation of Chainlink tokens by large players in the market is often seen as a bullish indicator, suggesting optimism about the token's future price performance.

Moreover, Chainlink's price has increased by 21% in the past month, outperforming many other crypto assets in the market.

From lows of around $11 in late September, the token has rallied to trading prices of roughly $13.37, showing a substantial appreciation in value.

To further assess Chainlink's (LINK) technical potential for sustained growth, an in-depth analysis is crucial.

From a technical perspective, LINK's price is moving up on an ascending trend, as indicated by the 4-hour chart.

The token's price has broken above its 50-day and 100-day simple moving averages (SMA), which is generally considered a key momentum indicator in the bull case.

If the market continues in its current state, LINK will likely stabilize above these levels and be poised to increase.

Additionally, the Awesome Oscillator (AO) also reflects bullish sentiment, showing a positive trend over the last month.

However, recent sessions have shown a bit of consolidation, which could be a retracement.

As a result, LINK's movement may halt, building strength for one more push-up.

Examining shorter timeframes, LINK's price is trading just above $13.40 on the 4-hour chart, which has presented itself as a minor pullback in recent trading hours.

Although there is ample support at $12.32 and $11.83 now, they may prevent further downside and form a base for another potential move up, depending on whether or not there are enough support levels in place.

Perhaps this is a healthy consolidation phase in the market post recent gains It would prevent LINK from overheating and prepare the ground for a more sustainable rally.

The token might be onto something with the whale accumulation alongside the strong technical indicators we see.

This could mean the token’s recent growth may be more than a short-term spike, adding to the possibility of stronger price action ahead.

If the current trends continue, Chainlink is likely to grow in the next weeks.

As large holders have accumulated it with confidence, there will be more room for them to purchase the asset and potentially entice more retail investors and other market participants.

With Chainlink otherwise holding ground above key support levels, its price may be poised to resume running higher.

This puts it as a token to watch near the end of the year.