Chainlink’s (LINK) price consolidation is being interpreted as a positive sign for investors. IntoTheBlock reported on January 30, 2024, that LINK whales have accumulated an additional 57 million LINK in the past month, suggesting that these major players are using the consolidation period to their advantage.
In a recent 24-hour period, a new wallet acquisition involving a purchase of 424,259 LINK, valued at approximately $6.26 million, was reported by Lookonchain. This, alongside IntoTheBlock’s data, indicates that whales are actively leading the charge in acquiring LINK tokens.
The whale purchases have had a noticeable impact on LINK’s market price. At the time of writing, LINK’s price has risen to $15.5, marking a 4% increase in the last day and a 12% increase over the past week. Over the past month, the token has also seen a 2% rise, while the year 2023 showcased an impressive 160% surge in LINK’s value.
Technical analysis shows LINK has been trading within a tight range between $12.8 and $16.5 for the past three months. With strong support at $12.8, LINK is approaching the upper boundary of $16.5 and may be poised for a breakout.
Reflecting on LINK’s history, it’s noted that the token underwent a 520-day consolidation from May 9, 2022, to October 16, 2023, followed by an 85% price increase within 21 days post-breakout. This pattern suggests that LINK could aim for higher targets such as $18 and $28 in the future. Moreover, Bitcoin‘s recovery to $43,300 after a dip to $38,000 lends further credence to a potentially bullish trend for LINK investors.