Convergence

Momentum

Chainlink

<img width="1200" height="578" src="https://coingape.com/wp-content/uploads/2024/01/WNwit5ZP-e1706632376118.png" class="attachment-full size-full wp-post-image" alt="Chianlink Price" decoding="async" style="float:right; margin:0 0 10px 10px;">
Amidst the broader market’s recovery from the initial downturn triggered by <a href="https://coingape.com/bitcoin-witness-478-mln-outflows-as-grayscale-outflow-abates/">ETF</a> approvals, the Chainlink price has successfully maintained its position above the $13.6 local support level. This positive turnaround from the support level has resulted in a significant 13.6% increase in the LINK price over the past week, bringing it to a current trading price of $15.46.&nbsp; 
Examination of the daily chart reveals that this upward trend is shaping into a bullish chart pattern known as an inverted Head and Shoulders, presenting an opportunity for buyers to capitalize on the potential for further recovery 
<h2 id="strong-high-momentum-rally-sets-chainlink-price-for-key-resistance-breakout-strong">High Momentum Rally Sets Chainlink Price For Key Resistance Breakout</h2> 
<ul> 
 <li style="font-weight: 400;" aria-level="1">The LINK price rising for five consecutive days reflects an active buying activity among traders.</li> 
 <li style="font-weight: 400;" aria-level="1">The rising price will face a high supply zone at the $17.5 resistance</li> 
 <li style="font-weight: 400;" aria-level="1">The intraday trading volume in the LINK coin is $495 Million, indicating a 32% gain.</li> 
</ul> 
<figure style="width: 100%" class="wp-caption alignnone">
 <img decoding="async" src="https://s3.tradingview.com/snapshots/w/WNwit5ZP.png" alt="Chainlink Price" width="1946" height="937">
 <figcaption class="wp-caption-text">
 Chainlink Price| TradingView Chart
 </figcaption>
</figure> 
Over the last three months, the <a href="https://coingape.com/markets/chainlink-price-prediction-will-link-consolidation-fuel-a-rise-to-25/">Chainlink price</a> has experienced significant volatility, fluctuating within two diverging trendlines. This movement, visible on the daily chart, indicates a sideways trend, suggesting a lack of clear direction from buyers or sellers from a technical perspective. 
However, contrasting insights emerge from on-chain metrics regarding largeholder activities. A recent analysis by Intotheblock, a crypto analytics firm, revealed that large holders have significantly increased their holdings of LINK, accumulating over 57 million $LINK in the last 30 days.&nbsp; 
<blockquote>
 This notable accumulation could indicate a strengthening confidence in Chainlink or a strategic investment approach.
</blockquote> 
<blockquote class="twitter-tweet" data-width="550" data-dnt="true"> 
 Large Chainlink holders added more than 57M <a href="https://twitter.com/search?q=%24LINK&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$LINK</a> to their balances in the last 30 days. <a href="https://t.co/bnlIJdTEbN">pic.twitter.com/bnlIJdTEbN</a> 
 — IntoTheBlock (@intotheblock) <a href="https://twitter.com/intotheblock/status/1752267596466880954?ref_src=twsrc%5Etfw">January 30, 2024</a>
</blockquote> 
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script> 
In light of these developments, there’s an anticipation that the <a href="https://coingape.com/markets/is-chainlink-price-set-to-hit-20-this-weekend-heres-what-you-should-know/">LINK</a> price may rise by an additional 7% shortly, aiming to breach the pattern’s neckline resistance at $16.67. If this breakout is successful, it could lead to heightened buying pressure, potentially pushing the price beyond the $17.5 resistance of the recent high.&nbsp; 
Securing this new level could empower buyers to pursue an ambitious target of $30. 
<h2 id="b-technical-indicators-b">Technical Indicators</h2> 
<ul> 
 <li style="font-weight: 400;" aria-level="1">Bollinger Band: An upswing in the lower boundary of the <a href="https://coingape.com/education/bollinger-band/">Bollinger band</a> indicator provides additional support for buyers&nbsp;</li> 
 <li style="font-weight: 400;" aria-level="1">Moving Average Convergence Divergence. A bullish crossover between MACD(blue) and signal(orange) at the neutral zone, indicates the asset is returning to a recovery trend.</li> 
</ul> 
<h3 id="related-articles">Related Articles:</h3> 
<ul> 
 <li><a href="https://coingape.com/sponsored/why-investors-from-litecoin-ltc-and-chainlink-link-have-joined-the-new-deestream-dst-presale/">Why Investors From Litecoin (LTC) And Chainlink (LINK) Have Joined The New DeeStream (DST) Presale</a></li> 
 <li><a href="https://coingape.com/markets/crypto-price-prediction-today-january-30-btc-avax-sui/">Crypto Price Prediction For January 30: BTC, AVAX, SUI</a></li> 
 <li><a href="https://coingape.com/markets/bitcoin-price-to-48000-as-pattern-end-correction/">Bitcoin Price to Retest $48000 As Bullish Pattern Hints End of Correction</a></li> 
</ul> 
The post <a href="https://coingape.com/markets/chainlink-price-eyes-30-milestone-amid-whale-accumulation-surge/">Chainlink Price Eyes $30 Milestone as Whales Ramp Up Accumulation</a> appeared first on <a href="https://coingape.com">CoinGape</a>.

Chainlink Price Eyes $30 Milestone as Whales Ramp Up Accumulation

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