The Chainlink price has triggered a considerable rebound from the interim support zone, which has raised the possibility of a bullish yearly close. The LINK marines appear to be quite confident over the next price action and as a result, the token has maintained a decent ascending trend. Meanwhile, the LINK price remains still above the pivotal range at $20 but a wider correction may soon make a huge room.
The volume over the platform has slashed heavily, ranging from over $9.3 billion to the current level of less than a billion, a drop of over 80%. Despite this, the LINK price has maintained a consolidated ascending trend. While the retail traders continue to remain off-shore, the whales have turned active. During the recent pullback, they have managed to accumulate a huge number of LINK tokens.
The santiment data shared by analyst ALI suggests the number of wallets holding LINK tokens within the range of 10M and 10M have risen by over a million. This move is speculated to have kept the LINK price stable above $20 throughout the past weekend when the markets experienced a massive plunge. Now that LINK has managed to grab the attention of the whales, will bulls also be attracted to them? Will the LINK price revive and mark a bullish close for the year?
The daily chart of Chainlink indicates that the token may soon fall and test the support just above $20. To begin, the DMI levels are moving in tandem, indicating a high likelihood of a bearish crossover, and the Ichimoku cloud also suggests a potential pullback, as the base and conversion lines are also displaying a similar action. Observing the pattern, it suggests that the price may rise to $25 and drop back to $20, which may validate a head & shoulder pattern.
If the bulls fail to defend the support, a continued bearish action could drag the levels below $18. However, the bulls have dominanted the Chainlink (LINK) price rally and hence the bullish yearly close may invalidate the bearish thesis.
