The LINK price has been a major highlight of the cryptocurrency market in 2023, with the cryptocurrency reaching a new yearly high of $15.8 on November 9. A crypto analyst and trader predicted this bullish run and offered insight on what to expect from the Chainlink token moving forward.
related: Chainlink (LINK) Breaks Records With 22% Price Surge In A Single Day
The analyst, Mags, posted on X, predicting that the LINK price would continue its “vertical” upward run without any re-test. They forecasted that there would be one more leg up to $18 before any pullback. This analysis was based on the breakout of a 512-day consolidation wedge, with the altcoin surpassing a level of $12.54 that was predicted in the previous analysis.
As of the time of the analysis, the LINK token is valued at $15.06, reflecting a more than 3.6% price increase in the last 24 hours. The altcoin’s price has been moving mostly sideways in recent days but has maintained most of its gains from the past week. In the last seven days, the Chainlink token swelled by more than 33%, positioning it as one of the best performers in the crypto market.
In addition to the price movement, an on-chain data report by analytics firm Santiment revealed that whale activity on the Chainlink network had hit its highest level in six months. This trend is not specific to Chainlink, as other blockchains like Bitcoin, Ethereum, and Cardano have also experienced a similar spike in whale activity.
Santiment suggested that while there might be some profit-taking among the whales at the conclusion of the week, this does not necessarily mean that tops are imminent, strengthening the case of a continuous upward movement for the LINK price.
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