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Amid a general market retracement, prominent altcoin Chainlink has recorded a 29.89% price decline from its local market top at $30.31. LINK currently hovers around $21 having failed to move past $26 despite recent uptrends. During this price fall, LINK whales have adopted an accumulation approach signaling confidence in the altcoin’s long-term profitability. Related Reading Chainlink Price Could Crash 30% To $15 — Here’s How 1 day ago Chainlink Whales Acquire 3.58 Million LINK In 3 Days
Following a strong bullish performance in early December, the crypto market has undergone a significant correction in the past two weeks attributed to several factors including a flash crash price and potential reductions of Fed rate cuts in 2025.
As this corrective market persists, blockchain analytics company Santiment has reported an accumulation spree by LINK whales holding between 1 million-10 million LINK. In an X post on December 28, Santiment states that these large LINK holders have purchased 3.58 million LINK valued at $76.9 million over the past three days.
Generally, significant levels of whale accumulation are indicated as bullish signals as these large token holders are confident of future gains. In the case of a price decline such as this, these massive accumulation levels reflect the belief that LINK is currently undervalued with a potential market rebound on the horizon. Source: Santiment
Related Reading: Chainlink And AAVE Surge After Trump’s Crypto Project Invests In Both Key Resistance Levels For LINK
While high levels of whale accumulation are one sign of an impending price rally, analysis platform More Crypto Online has shared another positive insight on the LINK market.
According to a recent X post, these market analysts state Chainlink still maintains an uptrend on larger time frames despite’s recent correction with its major support level set at $17.65. Based on the Elliott Wave Theory, If the LINK’s price holds above this level, the altcoin is predicted to rise to $69 in line with the expected third wave of the current market cycle. Source: @Morecryptoonl on X
However, for confirmation of a price uptrend, Chainlink must break through resistance levels at $25.10 and $28.30. A decisive five-wave move above these levels would solidify the bullish case and suggest further price appreciation. In Elliott Wave theory, the five-wave structure is a reliable pattern indicating a strong trend continuation, making the breakthrough of these resistance levels pivotal for the ongoing rally.
At the time of writing, Chainlink trades at $21.90 reflecting a 1.44% gain in the past 24 hours. However, the asset’s daily trading volume is down by 12.55% and valued at $726.44 million. With a market cap of $13.96 billion, LINK is ranked as the 13th largest cryptocurrency. LINK trading at $22.03 on the daily trading chart | Source: LINKUSDT chart on Tradingview.com Featured image from CoinMarketCap, chart from Tradiingview.com