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Will Chainlink Price Defy Overhead Supply? Whale Support Hints at 30% Rally
The recent market performance of Chainlink (LINK) has been quite astonishing, with the price plummeting by a notable 2% on Tuesday. This unexpected downturn defied the broader market uptrend, as Bitcoin continued to soar to new heights. The selling pressure observed at $30 suggests that the cryptocurrency is facing significant overhead supply, potentially triggering a major correction.
However, Chainlink’s whale investors are sending mixed signals. According to on-chain data from Lookinchain, a large-scale investor has withdrawn a staggering 100,000 LINK tokens worth approximately $2.95 million from Binance just hours ago. This massive withdrawal follows the accumulation of an astonishing 529,999 LINK tokens valued at $15.5 million over the past three days.
Traditionally, such significant withdrawals by whales are indicative of bullish sentiment, as these investors often use exchanges solely for short-term trading purposes and opt to hold their assets long-term or stake them on blockchain platforms. This whale’s actions have sparked optimism among Chainlink buyers, who may be preparing for a quick recovery or an eventual breakout.
The LINK price chart displays a clear rejection candle formation above $30, indicating strong selling pressure. As the whales continue to accumulate tokens off exchanges, buyers are now eyeing support levels around $25.7 and $22.2. These levels coincidentally align with 38.2% and 50% Fibonacci retracement levels.
In the event that these support levels hold, it is plausible for Chainlink’s price to rebound and challenge the previous highs above $31. This rally could potentially reach as high as 30%, driven by a combined effort of whale accumulation and buyer demand at the current resistance level.
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Source: www.cryptonewsz.com
