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Chainlink Price: The Twelfth largest cryptocurrency by market Chainlink (LINK) emerged as an outperforming asset in February 2024. Within a fortnight the coin price surged from $13.63 to $18.3, registering 34.2% growth. This recovery could be attributed to active accumulation from whales as coingape mentioned in a <a href="https://coingape.com/markets/chainlink-price-prediction-whales-buying-spree-30-sight/" rel="noopener noreferrer nofollow">previous article</a>.
Can LINK price continue the recovery momentum amid the current market consolidation?
Also Read: <a href="https://coingape.com/blog/what-will-be-my-portfolio-if-chainlink-crosses-100/" rel="noopener noreferrer nofollow">What Will Be My Portfolio If Chainlink Hits $100 in 2024?</a>
<h2 id="strong-cup-and-handle-pattern-set-chainlink-price-for-75-surge-strong">Cup and Handle Pattern Set Chainlink Price for 75% Surge</h2>
<figure style="width: 100%" class="wp-caption alignnone"><img decoding="async" src="https://s3.tradingview.com/snapshots/2/2tjhqWu9.png" alt="Chainlink Price Chart" width="1946" height="937">
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 Chainlink Price| Tradingview
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Amid the January-end relief rally in the crypto market, the <a href="https://coingape.com/price/chainlink/" rel="noopener noreferrer nofollow">Chainlink price</a> rebounded from $13.5 and reached a 2-year high of $19.7. This rally back by increasing volume and active accumulation from whales projected sustainable growth for holders.&nbsp;
<blockquote>
 In a significant move tracked by IntoTheBlock, a mysterious whale/institution has withdrawn 2,745,815 $LINK, valued at roughly $49.9 million, from Binance into 49 new wallets. Additionally, a whale, known as “0x2A19”, has extracted 494,957 $LINK ($9M) from Binance over the past 10 days.
</blockquote>
<blockquote class="twitter-tweet" data-width="550" data-dnt="true">
 Whales/institutions continue to accumulate <a href="https://twitter.com/search?q=%24LINK&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">$LINK</a>!
 This mysterious whale/institution withdrew 2,745,815 <a href="https://twitter.com/search?q=%24LINK&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">$LINK</a>($49.9M) from <a href="https://twitter.com/hashtag/Binance?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#Binance</a> via 49 new wallets.
 Whale"0x2A19" withdrew 494,957 <a href="https://twitter.com/search?q=%24LINK&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">$LINK</a>($9M) from <a href="https://twitter.com/hashtag/Binance?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#Binance</a> in the past 10 days.<a href="https://t.co/QoP2waErBS" rel="noopener noreferrer nofollow">https://t.co/QoP2waErBS</a><a href="https://t.co/iaPHa9f0XB" rel="noopener noreferrer nofollow">https://t.co/iaPHa9f0XB</a> <a href="https://t.co/GUW1S33NHf" rel="noopener noreferrer nofollow">pic.twitter.com/GUW1S33NHf</a>
 — Lookonchain (@lookonchain) <a href="https://twitter.com/lookonchain/status/1755067196072706218?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">February 7, 2024</a>
</blockquote>
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The recent rally also provided a massive breakout from the neckline resistance of the cup and handle pattern which carried a consolidation phase for the past 23 months. Currently trading at $18.28, if the Chainlink Price manages to sustain above the breached resistance, the buyer can drive a rally to $24.2, followed by $30.7.
<h2 id="b-crypto-analyst-signals-a-potential-retest-in-link-price-b">Crypto Analyst Signals a Potential Retest In LINK Price</h2>
In a recent analysis by renowned trader @rektcapital, a potential scenario for $LINK is outlined where minor price dips could lead the asset to the top of the Re-Accumulation range. Such movements, should they materialize, are seen as retest attempts that could validate the strength of the current trend, setting the stage for its further continuation.
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 <a href="https://twitter.com/search?q=%24LINK&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">$LINK</a>
 Breakout confirmed
 Any dips into the top of the Re-Accumulation range (if they happen at all) would likely act as a retest attempt before further trend continuation<a href="https://twitter.com/hashtag/LINK?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#LINK</a> <a href="https://twitter.com/hashtag/Crypto?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#Crypto</a> <a href="https://twitter.com/hashtag/Chainlink?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#Chainlink</a> <a href="https://t.co/qo1dgVjpjV" rel="noopener noreferrer nofollow">https://t.co/qo1dgVjpjV</a> <a href="https://t.co/8UpKzUeLuF" rel="noopener noreferrer nofollow">pic.twitter.com/8UpKzUeLuF</a>
 — Rekt Capital (@rektcapital) <a href="https://twitter.com/rektcapital/status/1754559388830822651?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">February 5, 2024</a>
</blockquote>
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<ul>
 <li style="font-weight: 400;" aria-level="1">Bollinger Band: The rising upper boundary of the <a href="https://coingape.com/education/bollinger-band/" rel="noopener noreferrer nofollow">Bollinger Band</a> indicator signals aggressive bullish momentum.&nbsp;</li>
 <li style="font-weight: 400;" aria-level="1">Average Directional Index: The upward trajectory of the ADX slope, currently at 25%, suggests that the bullish trend has the potential for further growth.</li>
</ul>
<h3 id="related-articles">Related Articles:</h3>
<ul>
 <li><a href="https://coingape.com/blog/chainlink-vs-solana-which-altcoin-is-worth-investment/" rel="noopener noreferrer nofollow">Chainlink vs. Solana: Which Altcoin is Worth Investment in 2024?</a></li>
 <li><a href="https://coingape.com/is-pyth-the-next-chainlink-heres-why-pyth-price-can-rally-to-1/" rel="noopener noreferrer nofollow">Is PYTH The Next Chainlink? Here’s Why PYTH Price Can Rally To $1</a></li>
 <li><a href="https://coingape.com/sponsored/chainlink-price-hits-24-month-high-new-mining-token-also-surging/" rel="noopener noreferrer nofollow">Chainlink Price Hits 24-Month High, New Mining Token Also Surging</a></li>
</ul>
The post <a href="https://coingape.com/markets/can-whale-accumulation-fuel-chainlink-price-to-30/" rel="noopener noreferrer nofollow">Can Massive Whale Accumulation Fuel Chainlink Price Rally to $30?</a> appeared first on <a href="https://coingape.com" rel="noopener noreferrer nofollow">CoinGape</a>.

Can Massive Whale Accumulation Fuel Chainlink Price Rally to $30?

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