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Chainlink Price Analysis: The Bitcoin price leap to $65000 on Wednesday triggered a renewed recovery sentiment in the crypto market. While most major coins showed notable upswing, the <a href="https://coingape.com/chainlink-link-price-shoots-15-after-dtcc-partnership-will-the-rally-continue/" rel="noopener noreferrer nofollow">Chainlink</a> coin caught the attention of investors as the asset surged for three consecutive days amid whale accumulation and a rise in social dominance. is the LINK price heading to the $20 mark?
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<h2 id="b-chainlink-sees-significant-market-cap-surge-amid-whale-accumulation-and-social-dominance-rise-b">Chainlink Sees Significant Market Cap Surge Amid Whale Accumulation and Social Dominance Rise</h2>
<figure style="width: 100%" class="wp-caption alignnone"><img decoding="async" src="https://s3.tradingview.com/snapshots/2/2VCz0HkY.png" alt="BINANCE:LINKUSDT Chart " width="1946" height="937">
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 Chainlink Price Analysis| Tradingview
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</figure>
The last correction trend in <a href="https://coingape.com/price-predictions/chainlink-link-price-prediction/" rel="noopener noreferrer nofollow">Chainlink price</a> found suitable support at the 61.8% Fibonacci retracement level— a key technical level that bolsters buyers with a strong foothold and counterattack.
With the renewed demand pressure, the LINK price developed two notable higher lows in the daily chart indicating that buyers are accumulating this asset at market dips. On Wednesday, when the <a href="https://coingape.com/markets/bitcoin-price-will-softer-cpi-send-btc-to-70000-in-may/" rel="noopener noreferrer nofollow">Bitcoin price</a> surged to $65,000, the Chainlink price rebounded from $12.80 and surged 25% within three days, reaching $16.
The rising price gave a decisive breakout from the resistance trendline which carried an active correction for the past two months.
Amid the recent market recovery, Chainlink’s market cap has experienced a substantial 14% surge since yesterday. According to data from <a rel="noopener noreferrer nofollow" href="https://x.com/santimentfeed/status/1791288113769386352">Santiment</a>, this sharp increase is largely driven by the growing number of large holders, commonly known as whales. The number of Chainlink whales—wallets holding 100K or more LINK—has increased by 4.6% in just five weeks, bringing the total to 564.
The platform’s data shows that the social discussions around Chainlink have reached their highest level since October 21, 2023, a seven-month high. If the current trend of rising social dominance continues without being overshadowed by fear of missing out (FOMO), the bullish conditions for Chainlink are likely to persist.
If the breakout sustains, the Chainlink price should amid potential target of $18.6, followed by $20.7 and $22.8
<h2 id="span-style-font-weight-400-technical-indicator-span">Technical Indicator:</h2>
<ul>
 <li style="font-weight: 400;" aria-level="1">Exponential Moving Average: The recently reclaimed 20-day <a href="https://coingape.com/education/exponential-moving-average-how-to-leverage-it-in-crypto-market/" rel="noopener noreferrer nofollow">EMA</a> can assist LINK price with dynamic support during occasional pullbacks.</li>
 <li style="font-weight: 400;" aria-level="1">ADX: The ADX slope upswing at 22% indicates the buyers have sufficient momentum to lead a higher rally.</li>
</ul>
The post <a href="https://coingape.com/markets/chainlink-price-analysis-whale-accumulation-for-20/" rel="noopener noreferrer nofollow">Chainlink Price Analysis: Whale Accumulation Positions LINK for $20 Breakout</a> appeared first on <a href="https://coingape.com" rel="noopener noreferrer nofollow">CoinGape</a>.

Chainlink Price Analysis: Whale Accumulation Positions LINK for $20 Breakout

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