While the bulls are trying to revive the bullish trend within the markets, Bitcoin’s (BTC) price has remained stuck within a range. Meanwhile, the altcoins are displaying huge bullish momentum, with Chianlink being one of them. In recent days, we have seen some of the altcoins, like Shiba Inu, Algorand, and a few more, close to triggering a massive bullish wave. Besides, LINK’s price consolidates below crucial levels, flashing acute bullish signals.
It has been noticed that the LINK price has been facing constant rejections from the upper resistance just below $10 ever since the rally broke down in May 2022. While many altcoins have regained their lost positions, Chainlink’s price has maintained its trade between $6 and $8. Besides, the volume has risen significantly, which indicates a significant rise could be fast approaching.
Whales Accumulation Spikes Up
Whale accumulation is considered one of the biggest indicators to determine the upcoming price action. If the whales liquidate their holdings constantly, it indicates a bearish action could be impending, while an accumulation flashes bullish signals. With the growing speculation over the LINK price for the past few days, Chainlink’s GitHub development activity spiked heavily earlier. Moreover, whales and sharks holding 100K to 10M have been accumulating LINK heavily for over a month now.
As per the data from Santiment, the addresses holding 1 million to 10 million links now hold nearly 168 million LINK, which is the highest in recent times. Therefore, the LINK price that faced rejection from the interim highs at around $7.89 is expected to rebound and retest these levels in the next few days as it has displayed a bullish divergence. Once these levels are cleared, another major barrier is situated at $9.42, which has not been surpassed for over 15 months.
Therefore, rising above these levels may only trigger a notable bull run that may elevate the price towards the upper targets.
