Market Insights: Analysts Forecast Surge in Chainlink Price Following Accumulation Trend

The price of Chainlink is poised to surge towards the target of $98 as analysts predict a bullish breakout. According to the analysis provided by Ali Charts, a potential breakdown supported by long-term technical patterns is now in view.

It’s worth noting that the Chainlink Reserve has amassed an impressive 65,550 LINK, valued at $1.4 million, with an average cost of $16.83. This consistent purchase activity has effectively tightened market liquidity and gradually reduced tokens available for trading. Experts suggest that ongoing accumulation could further intensify supply pressure.

Historical patterns indicate that reduced supply often precedes significant price increases when demand remains steady and market participants anticipate higher valuations. Notably, previous accumulation phases in Chainlink have preceded substantial upward price movements. As a result, the current buying trend may catalyze future gains.

Source: coincentral.com