Chainlink (LINK) Poised for $50 Breakout as Whale Activity Signals Strong Accumulation
Chainlink's price action is gaining attention as it consolidates NEAR $15, a historically strong support level. Analysts highlight a multi-year symmetrical triangle pattern dating back to 2020, suggesting potential upside. The tightening range between ascending support and descending resistance indicates an impending volatility surge.
Institutional interest is emerging, with whales accumulating over 4 million LINK tokens in a two-week period ending November 7. This activity aligns with the token testing key Fibonacci levels, currently finding support at the 0.618 retracement around $14.70—a technical zone often associated with trend reversals.
Trading volumes remain robust at $649.7 million despite recent price softness, signaling sustained market participation. Analyst projections now target $30-$50 ranges if LINK breaks through long-term resistance trendlines. Technical observers like James Easton and Ali emphasize the setup's breakout potential.