Chainlink LINK Retests Bullish Breakout as Whale Activity Surges 1,400%
Chainlink's LINK token has confirmed a bullish breakout pattern with a successful retest, signaling potential for a 20% rally toward $23. The asset has surged 58% over the past month, climbing from $12.33 to $19.40 while breaking key resistance levels including a descending trendline and the psychologically important $18 barrier.
Whale activity has exploded alongside the price action, with transactions between $1 million and $10 million skyrocketing by 1,400%. On-chain data reveals whales have accumulated over 8 million LINK during the rally, demonstrating conviction even at elevated prices. Trading volume has increased 6.5% in the past 24 hours as the token holds firm NEAR $19.41.
The sustained accumulation by large holders suggests institutional confidence in LINK's infrastructure role. Market participants are watching whether the token can convert this momentum into a challenge of the $20 resistance level, which WOULD open a path to test 2024 highs.