Chainlink (LINK) has regained bullish traction after a successful breakout and retest of a critical price pattern, now aiming for the $23 resistance level. As of press time, LINK trades near $19.41, marking a remarkable 58% surge from its June low of $12.33.
This bullish momentum is being strongly supported by a wave of whale accumulation, technical breakout patterns, and rising trading volume, though overbought signals and exchange inflows suggest a potential near-term correction.
Whale Confidence Grows with Massive Accumulation
According to a recent post by a well-followed crypto expert on X (formerly Twitter), whales have scooped up more than 8 million LINK tokens in the past month. On-chain analytics from IntoTheBlock further confirm that transactions ranging from $1 million to $10 million have surged over 1,400%, while those between $100,000 and $1 million have risen by 463%.
This substantial activity underscores growing confidence among large holders in LINK’s future trajectory.
Technical Breakout and RSI Analysis
CryptosNewss’s technical analysis highlights that LINK has broken through key resistances, including a descending trendline and horizontal barrier at $18. The asset also completed a bullish double-bottom formation, a pattern typically preceding further upward movement.
However, the Relative Strength Index (RSI) is currently at 82, signaling that LINK is deep in overbought territory. Historically, such levels precede pullbacks, suggesting traders should be cautious in the short term.
Exchange Inflows Suggest Caution
Data from CoinGlass shows that LINK holders are starting to take profits, with exchanges receiving $1.74 million worth of LINK in the last 24 hours. This inflow could be an early signal of a minor sell-off, potentially slowing LINK’s upside momentum.
Despite this, LINK’s trading volume is up 6.5% from the previous day, reinforcing that buying interest remains strong. Whether the bulls can maintain control depends largely on the market’s ability to keep LINK above the $18 support level.
Can LINK Hit $23?
If the bullish momentum continues and market sentiment holds, LINK could gain another 20%, pushing toward the $23 resistance level. However, any shift in sentiment or significant sell-off could trigger a short-term pullback toward the $18 zone.
Investors are advised to monitor whale activity, RSI levels, and exchange flows to assess the sustainability of this rally.
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