The Chainlink price has maintained a healthy upswing since the beginning of the month, with more than a 10% rise in value. The consolidated close for November had raised concerns, but the recent whale activity has displayed somewhat of a clear path for the LINK price in the coming days. However, the price pullback itself prevented it from reaching the crucial resistance. So will the bulls fail to refrain their grip over the rally?
LINK Marines have intensified their activity ever since the price broke above the multi-year consolidation below $9. Further, the whales got activated and began to accumulate, which offered a strong base for the LINK price to maintain a healthy upswing. As per the data from the Santiment, the 200 largest wallets have added over $50 million in nearly 5 weeks.
With this, Chainlink is moving ahead of all the other altcoins, which have been fueled by whale accumulation. The 200 largest wallets have added over $50 million worth of LINK and hold combined tokens of 746.57 million, worth $11.84 billion. In the past 5 months, the market cap has soared by 143% compared to 93% of Bitcoin. This caused the price to find strong support, enabling the price to trigger a healthy upswing in the coming days.
In the long term, the LINK price is testing one of the pivotal resistances and failing to surpass these levels for a couple of weeks. The price had to reach the crucial resistance at $18.18, but the bears have held back the levels below $16. The RSI had reached overbought levels; hence, a continued upswing to these levels may not materialise.
Collectively, the Chainlink price has been trading within a bullish trend. However, each time the price tested these levels without strong buying pressure, a rejection followed, dragging the price lower. Hence, the upcoming week can be somewhat crucial for the Chainlink (LINK) price, as a pierce above these levels may validate a healthy upswing beyond $20.
Credit: Source link