Chainlink‘s recent price movements have sparked discussions about its potential ascent towards $30, buoyed by favorable technical indicators. Currently priced at approximately $13.67, LINK could see significant growth if it breaks through a key descending trend line. The surge in interest is largely fueled by active whale participation and prevailing market dynamics.
What Drives Whale Accumulation?
A major factor contributing to Chainlink’s current momentum is the increasing activity from large holders. Data from Santiment reveals that substantial investors have accumulated an impressive $369.8 million worth of LINK in the past seven weeks, translating to an 8.2% increase in their total holdings, marking a three-month peak.
Is the Derivatives Market Bullish?
Indeed, the derivatives market shows a bullish trend, as highlighted by Coinglass, which reported a 17% rise in Open Interest, now at $252 million. This suggests that investors are confidently establishing long positions on LINK as funding rates climb higher.
Key observations from the recent trends include:
- Whale activity has led to significant accumulation, increasing total balances.
- LINK withdrawals from exchanges reached a 30-day high, indicating long-term holding intentions.
- On-chain activity surged, with active addresses rising from 1,930 to 2,750.
- Development activities surged by 14,000%, showing strong commitment from developers.
If the critical descending trend line is breached, analysts predict LINK may challenge the $30 mark. The asset’s recent 9.21% price increase and a trading volume of $585 million underscore its growing appeal.