- LINK could soar by 35% and reach the $23.15 level if it maintains itself above the $15.70 mark.
- Retailers’ transactions ranging between $10K to $100K have surged 130.20%.
The past few days have been favorable for Chainlink [LINK], as it has recorded a price surge of over 30% and a breakout of bullish price action.
Following these developments, both whale and retail participation in the asset have skyrocketed, and it is currently on the verge of an upside rally.
2.54 million transfer from Bybit
Recently, the blockchain-based transaction tracker Whale Alert reported two large transactions totaling 2.54 million LINK moving from Bybit to an unknown wallet in the past 24 hours.
One transfer involved 1.25 million LINK ($20.5 million), while the second moved 1.289 million LINK ($21.1 million). It seems like this unknown wallet belongs to the same whale.
Such transactions, given the current market sentiment, are often considered potential accumulation by whales or institutions.
Meanwhile, this transfer was recorded following the breakout of a bullish inverted head and shoulders price action pattern.
It’s not just whales in motion.
On-chain data from IntoTheBlock showed a strong spike in transaction volume from retail and long-term holders. Transfers between $1K–$10K jumped 87.21%, while $10K–$100K transfers surged 130.20%.
Source: IntoTheBlock
When combining the participation of both whales and retailers, it appears that bulls are currently dominating the asset, and LINK seems to be preparing for a potential upside rally.
Volume dips amid short-term caution
At press time, LINK traded near $17.07, up 2.10% over the past day.
Despite the bullish price action, its Trading Volume dropped by 15%, indicating reduced participation by crypto enthusiasts amid the ongoing correction.
According to AMBCrypto’s technical analysis, LINK appears bullish and is on the verge of a massive upside rally.
The daily chart reveals that the asset has recently broken out of a bullish inverted head and shoulders price action pattern and has successfully retested the breakout level.
Source: TradingView
Based on recent price action and historical patterns, if LINK holds above the $15.70 level, there is a strong possibility that the asset could soar by 35% and reach the $23.15 level in the coming days.
On the other hand, this bullish outlook could fail if the LINK price falls below the $15.30 level.
At press time, LINK’s Relative Strength Index (RSI) neared the overbought zone, as it stood at 65. This indicated that the asset still had room to continue its upside momentum before entering overbought territory.