Chainlink's recent market performance is indeed worth paying attention to, especially the noticeable increase in whale holdings. In the past month, whales holding a large amount of LINK have accumulated over 8 million tokens, and this trend of concentrated buying often reveals strong confidence from large funds regarding its future performance.
In terms of price, LINK has risen over 70% since the end of June, not only breaking through the $18 mark but also strongly standing above several key moving averages including the 50-day, 100-day, and 200-day. The previously stubborn resistance zone of $16-17 has also been firmly surpassed, showing obvious signs of technical strength.
In addition, with the overall recovery of altcoins in the larger environment, Ethereum returning to key levels boosting risk appetite, and the new legislation passed in the U.S. creating a more favorable regulatory environment for practical blockchain projects, multiple factors combined suggest that Chainlink's previous consolidation phase may indeed be coming to an end. If the trading volume can keep up and the momentum continues, a push towards the $20-22 range is not impossible.
Of course, the cryptocurrency market is always highly volatile, but at present, the bullish signals for LINK are indeed accumulating. Whether it’s the movements of large funds or technical trends, all are releasing positive signals.
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