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Whale Activity Gains Momentum—Is $30 Next?
Recent whale activity has sent a strong signal to investors and traders alike: Chainlink’s price is poised for a significant breakout. With whales accumulating large amounts of LINK tokens, the possibility of a surge toward $30 becomes increasingly plausible.
In the past 24 hours alone, Chainlink’s price experienced a sharp decline of 9.1% due to a broader altcoin selloff. The cryptocurrency had previously surged by 35%, reaching an impressive 18-day high at $16 before the retracement brought it near the critical $14 level.
Support levels are now under immense pressure as uncertainty grows, with the analyst community keenly monitoring the $12-$13 zone for signs of a potential breakdown or hold. It’s essential to note that since Q4 2024, Chainlink has been trading within a descending channel. In this context, a breakdown below these key support levels could pave the way for further losses.
On-chain data highlights an astonishing statistic: 67% of LINK holders are classified as whales. An impressive 54% of these whales remain in profit despite market fluctuations. Moreover, a staggering $4 million worth of LINK tokens left exchanges last week, indicating that investors are taking a bullish stance.
Institutional buying signals have also been strong, strengthening the case for long-term bullish sentiment.
Given the current whale activity and fundamental trends, it’s crucial to consider the role that Bitcoin will play in determining the next direction. A sharp decline in Bitcoin could drag LINK lower, while stability or growth may pave the way for a push toward $30.
The recent accumulation of whales should not be taken lightly. A strong monthly close above $14-$15.5 would confirm bullish momentum and potentially unlock the door to a move toward $19-$30. Long-term projections indeed favor growth, with some forecasts suggesting that LINK could reach as high as $259 by 2030.
The cryptocurrency’s potential for adoption in decentralized finance (DeFi) and real-world asset tokenization further underscores its promising outlook.
In the short term, however, risks persist. A failure to hold support could send Chainlink toward $12 before recovery attempts begin. Traders and investors must remain vigilant and closely monitor key technical levels, sentiment shifts, and macroeconomic trends.
Ultimately, the direction of LINK’s price action will hinge on securing a breakout above the critical $14 level or fending off a potential breakdown below the $12-$13 zone.
The cryptocurrency community is bracing for what’s next.
Source: https://cryptonewsland.com/link-whale-activity-gains-momentum-is-30-next/
