Chainlink (LINK) is showing bullish momentum as its price rose over 6% in the last 24 hours in the cryptocurrency market. Amid this price surge, Chainlink whales are engaging in massive accumulation, sparking optimistic sentiment among investors.
### Whale Accumulation Sparks Bullish Sentiment for Chainlink
According to on-chain tracker Lookonchain, a brand-new wallet has moved 744,604 LINK from Binance. This accumulated asset is valued at approximately $12.5 million and marks the latest in a series of withdrawals from exchanges. The creation of a new wallet suggests that the holder intends to store these coins long-term rather than prepare for an imminent sale.
This development has ignited bullish sentiment among LINK holders, indicating that the asset may be on a recovery path and potentially overcoming broader market fluctuations. Notably, Chainlink has already hit oversold conditions, with a Relative Strength Index (RSI) of 33.89.
### Potential Impact of Whale Activity on LINK Price
The current whale accumulation could serve as a catalyst for price action. Continued accumulation reduces sell pressure on major exchanges, which often leads to price appreciation as demand outstrips supply.
As of this writing, Chainlink is trading at $16.88, reflecting a 5.21% increase over the last 24 hours. LINK previously tested the $17 level but faced rejection after reaching a peak of $16.96. If the ongoing whale interest pushes LINK past the $18 mark, the next target could be around $20. Conversely, failure to hold momentum might cause the price to drop to approximately $15.75.
### The Role of Retail Traders and Trading Volume
To sustain a bullish outlook, increased engagement from retail traders and investors is essential. So far, occasional whale accumulation alone has not been enough to fully revive interest. Currently, trading volume is down by 32.59%, sitting at $873.24 million. An uptick in volume could reinforce the upward price movement toward the $20 target.
### Can Chainlink Reignite the “Uptober Rally”?
For Chainlink to return to the bullish “Uptober rally” trajectory, a boost in trading volume remains crucial. In early September, a massive 77% increase in volume helped reposition LINK on a bullish path. Renewed interest from other LINK holders could serve as a catalyst, sparking significant price action and potentially setting the stage for a rally.
On-chain analyst Ali Martinez has predicted that Chainlink’s technical chart shows potential to reach $28, provided market conditions align favorably.
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With whale accumulation increasing and a potential volume surge on the horizon, Chainlink’s outlook appears promising. However, market participants should keep an eye on key support and resistance levels to gauge the next significant move.
https://u.today/is-uptober-back-on-track-for-chainlink-amid-massive-whale-buyups
