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Chainlink Targets $30 as Whale Activity and OI Hit Records
The cryptocurrency market is witnessing a remarkable surge in whale activity, with open interest (OI) in LINK futures reaching an all-time high. The data suggests that this momentum could propel the token to the next critical level at $26.47 and potentially even $30.
According to recent on-chain analytics, Chainlink’s large-holder transactions have surged to a 3-month high, indicating growing bullish sentiment. This increase has been accompanied by record-breaking OI figures, which surpass earlier records by a substantial margin. It appears that the market is no longer being held back from achieving new highs due to any significant resistance or selling pressure.
Chainlink’s rally has gained pace as whale transactions valued above $1 million have risen sharply in recent times. This significant increase in buying pressure has not been seen since early February, suggesting a collective sentiment shift among large holders and whales. In the past, such accumulation patterns have led to robust upward momentum in LINK prices.
On-chain data indicates that market participation is growing exponentially, as both derivatives and spot trading are witnessing record-breaking levels of activity. The token’s price has broken above its neckline at $20.26, further solidifying the potential for a sustained uptrend.
Technical analysts have set their sights on two key levels: $26.47 and $30. These targets are based on the cup-and-handle formation observed in the daily chart. The 50% Fibonacci retracement zone is now under attack, while an overbought RSI (Relative Strength Index) suggests that a short-term correction could be imminent if buying pressure decreases.
This trend is expected to maintain its momentum as long as LINK holds above key breakout points and sustains the current level of buying interest.
Source: cryptotale.org
