LINK, Chainlink’s native token, is gaining traders’ attention despite ongoing market uncertainty. This is due to the continuous accumulation by whales in recent days and the bullish price action forming on LINK’s chart.
Recently, blockchain-based transaction tracker iCrypto posted on X (formerly Twitter) that smart DEX traders have begun reaccumulating LINK amid ongoing consolidation. According to the post, wallet address 0xbb90 purchased 53.2K LINK tokens worth $1.01 million in the past 24 hours.
This is the second time this wallet has made a significant bet on LINK. Based on available data, this wallet previously earned $630,000, a gain of nearly 136%, from investing in LINK.
With this impressive track record, there is a strong possibility that the token could soar significantly in the coming days.
Besides this, a prominent crypto expert posted on X, further supporting this bullish outlook. In the post, the expert stressed that the Bollinger Bands are squeezing on LINK’s 12-hour chart, suggesting that a highly volatile move could be imminent.
Despite the positive outlook around LINK, the asset’s price remains unchanged. Currently, it is trading near $18.85, experiencing a modest 0.85% increase in the past 24 hours. However, during the same period, its trading volume surged by 80%, indicating growing trader and investor participation amid bullish price action and ongoing accumulation.
According to expert technical analysis, LINK appears to be forming an ascending triangle pattern on the four-hour timeframe and is currently receiving support from the ascending trendline.
Historical data shows that this trendline has a strong bullish history of price reversals, whenever the asset’s price falls to this level, it tends to gain upside momentum, hinting at a potential rebound.
In addition to this bullish pattern, if LINK holds above the ascending trendline, there is a strong possibility it could soar by 17% to reach the $22 level in the future.
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