- Chainlink sees a major accumulation move by an institution with 81 wallets.
- Long-term holders of LINK continue their bullish stand, further fueling hope in the market.
In a blockchain journalist’s report style, recent developments in the Chainlink (LINK) market indicate heightened bullish sentiments. Notably, a significant move from long-term holders and institutions suggests a promising future for the digital asset. Drawing insights from a post on Chainlink’s Twitter page,
— Chainlink (@chainlink) October 10, 2023
Chainlink Continues to Test Resistance
Chainlink’s price trajectory reveals its fifth attempt to break out from a descending resistance trendline that has been in place since June 2022. While previous attempts have been thwarted, there are key indicators that the LINK price is gearing up for a decisive move. In its journey, LINK dipped below the $5.60 horizontal support but soon recovered, establishing this range as a formidable support zone.
Furthermore, the weekly Relative Strength Index (RSI) offers a favorable perspective for LINK enthusiasts. Traditionally used as a momentum tool, an RSI reading above 50, combined with an upward trend, suggests a bull’s market. Presently, LINK’s RSI stands firmly above this midpoint, hinting at sustained bullish momentum.
Institutional Moves and Long-Term Holder Signals
Perhaps the most promising news for LINK’s market performance is the recent $4.2 million accumulation by an institution holding 81 wallets. These wallets, which were initiated in mid-September, withdrew their LINK holdings from Binance shortly after and have now amassed a whopping $56 million in LINK.
In addition to this institutional move, Chainlink’s appeal among long-term holders remains apparent. Six of these holders added a collective $2.4 million in LINK to their portfolios, each possessing over $800,000 in the asset and exclusively dealing in LINK.
Technical Outlook and Future Predictions
The daily chart for LINK reflects a somewhat volatile stance, with sharp movements observed in early October. However, the convergence of the Elliott Wave theory and Fibonacci retracement levels offers a guiding light. Based on this analysis, LINK could potentially find its base around the $6.95 mark before striving for the coveted $8.10 resistance level, marking an 11% uptick from its current stance.
However, it’s crucial to remain vigilant. A breach below the $6.95 support could trigger a bearish outlook, pushing LINK towards the next support benchmark at $6.35.