Rally

Bull Flag

Momentum

Chainlink

Chainlink Price Analysis: During the June market correction, the <a href="https://coingape.com/price/chainlink/">Chainlink price</a> experienced a sharp decline, suffering a 26% loss over the month. However, as supply pressures subsided over this weekend, buyers succeeded in maintaining support above the $12.2 level, which has been a critical floor since November 2023. This level is now viewed as a key turning point for a potential reversal from the recent significant drop. 
Also Read: <a href="https://coingape.com/markets/bitcoin-price-analysis-flag-defends-1-trillion-market-cap-btc/">Bitcoin Price Analysis: How Bull Flag Defends $1 Trillion Market Cap for BTC</a> 
<h2 id="b-chainlink-price-analysis-whales-build-positions-with-86-7-million-in-link-b">Chainlink Price Analysis: Whales Build Positions with $86.7 Million in LINK</h2> 
<figure style="width: 100%" class="wp-caption alignnone">
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 Chainlink Price Analysis| Tradingview
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As the market witnesses a massive crash over the weekdays, a fresh recovery hits over the weekend. With a similar trend, the <a href="https://coingape.com/markets/chainlink-price-whale-buying-spree-15-but-a-catch/">LINK</a> price sustains above the $12.59 support level with a lower price rejection on Friday.&nbsp;&nbsp; 
This completes a morning star pattern with the 7.28% bullish engulfing candle. In the larger trend, the ongoing correction phase marks a negative cycle within a triangle pattern.&nbsp; 
As the buyers abruptly halt the negative cycle before reaching the support trendline, a bullish reversal is likely to start. 
Also Read: <a href="https://coingape.com/spot-bitcoin-etfs-see-143-million-inflows-on-friday-institutions-buying-the-dips/">Spot Bitcoin ETFs Saw $143 Million Inflows on Friday, Institutions Buying The Dips?</a> 
Recent on-chain data reveals a significant accumulation of Chainlink (LINK) by whales and institutional investors. A total of 90 fresh wallets have withdrawn approximately 6.72 million LINK, valued at $86.7 million, from Binance recently. 
<blockquote class="twitter-tweet"> 
 It seems that whales/institutions are accumulating <a rel="nofollow" href="https://twitter.com/search?q=%24LINK&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$LINK</a>! 
 We noticed that 54 fresh wallets withdrew 2.08M <a rel="nofollow" href="https://twitter.com/search?q=%24LINK&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$LINK</a>($30.28M) from <a rel="nofollow" href="https://twitter.com/hashtag/Binance?src=hash&amp;ref_src=twsrc%5Etfw">#Binance</a> in the past 7 days.<a rel="nofollow" href="https://t.co/SkqA1r0F1N">https://t.co/SkqA1r0F1N</a> <a rel="nofollow" href="https://t.co/VkPt0kwPb4">pic.twitter.com/VkPt0kwPb4</a> 
 — Lookonchain (@lookonchain) <a rel="nofollow" href="https://twitter.com/lookonchain/status/1808040911764705395?ref_src=twsrc%5Etfw">July 2, 2024</a>
</blockquote> 
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script> 
Additionally, another set of data from Lookonchain reveals that 54 fresh wallets withdrew 2.08 million LINK, valued at $30.28 million, from Binance around late May to Early June. The continuous accumulation of LINK by large wallets underscores the growing confidence and interest in Chainlink’s long-term potential. 
The anticipated bull cycle can test the overhead declining trendline that has caused two bearish reversals within the triangle. Further, it could reclaim the $15 psychological mark.&nbsp; 
Currently, altcoin trades at $12.919 with an intraday drop of 1.98%. This undermines the bullish recovery but the action sustains above the critical level of $12.58.&nbsp; 
With the breakout rally, the LINK price could hit the $20 mark in the coming weeks. However, the broader market movements will be crucial in deciding the fate.&nbsp; 
<h2 id="span-style-font-weight-400-will-the-market-crash-drop-link-under-10-span">Will the Market Crash Drop LINK Under $10?&nbsp;</h2> 
Despite the lower price rejection bolstering bull cycle likelihood, a bearish pattern looms over the daily chart.&nbsp; With a neckline at $12.58, the altcoin reveals a head and shoulder pattern.&nbsp; 
A drop-down under this neckline will put additional stress over the ascending support trend line. This increases the breakdown chances and could result in an end-of-recovery phase. A breakdown rally could hit the bottom support level at $9.46.&nbsp; 
<h3 id="span-style-font-weight-400-technical-indicator-span">Technical Indicator:</h3> 
<ul> 
 <li style="font-weight: 400;" aria-level="1">BB: The LINK price challenging the lower boundary of <a href="https://coingape.com/education/bollinger-band/">Bollinger Band</a> indicator suggests the sellers remain active towards LINK coin.</li> 
 <li style="font-weight: 400;" aria-level="1">MACD: The sideways trend in the MACD and signal lines are indecisive as the price halts a crossroads.&nbsp;</li> 
</ul> 
The post <a href="https://coingape.com/markets/chainlink-price-analysis-hints-20-rally-whale-driven/">Chainlink Price Analysis Hints $20 Rally Amid Whale-Driven Momentum</a> appeared first on <a href="https://coingape.com">CoinGape</a>.

Chainlink Price Analysis Hints $20 Rally Amid Whale-Driven Momentum

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