Chainlink Reclaims Bullish Momentum as LINK Eyes a Run Toward $23
Chainlink (LINK) is once again gaining attention as it pushes higher after confirming a bullish breakout. The token has already climbed over 58% in the past month, breaking above multiple key levels and attracting heavy whale activity along the way. Now, analysts believe LINK could extend its rally toward the $23 mark, provided momentum continues and broader market sentiment stays favorable.
Chainlink’s Breakout Holds as Bulls Remain in Control
LINK’s recent move above the $18 zone, followed by a successful retest of that level, indicates strong bullish conviction. The retest confirms a breakout from a double-bottom pattern—a formation often associated with trend reversals and fresh rallies.
This technical pattern has served as a springboard for the current uptrend, pushing Chainlink above previous resistance zones. As of writing, LINK trades around $19.41 after posting a 9% daily gain, showing the bulls are still firmly in control.
Whale Activity Surges: Over 8 Million LINK Accumulated
On-chain data shows that large investors have been accumulating aggressively. A popular crypto analyst shared on X (formerly Twitter) that whales have acquired more than 8 million LINK tokens in the last month alone.
Supporting this, data from IntoTheBlock reveals a massive surge in whale transactions. Those valued between $1 million and $10 million have risen by more than 1,400%, while transactions between $100,000 and $1 million have grown by 463%. This increase in high-value activity suggests growing confidence in LINK’s upside potential.
Such sustained interest from large holders is often seen as a signal of upcoming gains, especially when accompanied by key technical confirmations.
Trading Volume Climbs as Investors Join the Rally
With LINK’s price pushing higher, overall investor activity has also picked up. The past 24 hours saw trading volume climb 6.5% compared to the previous day, signaling rising engagement from retail and institutional traders alike.
Technical indicators also point to sustained momentum. Chainlink’s RSI currently sits at 82, indicating overbought conditions, but this can often persist in strong uptrends before a meaningful correction sets in.
Can LINK Reach $23?
Analysts from AMBCrypto suggest that if current momentum holds, LINK could jump another 20% to test the $23 level. This projection hinges on the asset maintaining support above $18 and avoiding a sell-off triggered by profit-taking.
The $23 area is viewed as the next major resistance, and reaching it would represent a full recovery from earlier declines in 2025. Still, LINK will need continued support from both whales and retail buyers to sustain the climb.
Inflows to Exchanges Hint at Caution
Despite bullish sentiment, not all metrics point in the same direction. On-chain analytics platform CoinGlass reports that exchanges have seen an inflow of around $1.74 million worth of LINK in the last day. This suggests that some holders may be looking to lock in profits after the recent price rise.
Increased exchange inflows can often precede short-term corrections, as they indicate tokens being moved from wallets to platforms where they could be sold.
Final Thoughts
Chainlink’s recent surge comes on the back of strong technical signals, aggressive whale accumulation, and growing investor participation. The successful retest of its breakout level has set the stage for a potential move toward $23, but overbought indicators and rising exchange inflows introduce an element of caution.
Still, as long as LINK stays above key support and maintains current momentum, bulls are likely to stay in control. The next few days will be crucial in determining whether Chainlink can sustain this rally or if a temporary cooldown is ahead.
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