By: Isha Das
Chainlink's native cryptocurrency, LINK, has experienced significant bullish momentum recently, boosting its price back above the $16 mark. LINK's surge in price has been fueled by increased buying activity from the cryptocurrency's whales, with approximately 3.9 million tokens (over $62 million) purchased within just a few days, as highlighted by crypto analytics firm, Santiment.
LINK's price activity creates a potentially optimistic forecast as it anticipates a potential breakout that could propel the cryptocurrency's value to over $19.50, marking a 20% increase from the current levels. This prediction is based on LINK's current consolidation within an ascending triangle pattern, which is traditionally seen as a bullish indicator when forming during an uptrend.
Supporting this bullish case further, there has been a noticeable reduction in the availability of LINK across crypto exchanges which indicates a high holding sentiment among investors. Statistics show that the 200 largest Chainlink addresses currently hold a combined 746.57 million tokens which is almost 75% of LINK's total supply illustrating a strong faith in the asset amongst large investors.
Despite Bitcoin's recent bullish run, LINK has managed to hold its own against the premier cryptocurrency. In regards to market cap growth, LINK has even outperformed Bitcoin by more than 93% over the past five months. At the time of writing, LINK is valued at $16.11, reflecting a nearly 2% price increase in the last 24 hours and over 7.5% increase over the past week.
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