Will Chainlink Price Defy Overhead Supply? Whale Support Hints at 30% Rally

LINK, the native cryptocurrency of Oracle network Chainlink, records a notable 2% downtick during Tuesday’s market session. The pullback defied the broader market uptrend, with Bitcoin continuing to reach new highs. The selling pressure at $30 is limiting Chainlink price growth, signaling the potential for a major correction. Can buyers counterattack?

According to Coingecko, the LINK’s market cap is at $17.8 Billion, while the 24-hour trading volume wavers at $2.13 Billion.

Key Highlights:

• Long-wick rejection candles at $30 hint at intense overhead supply and potential pullback
• Active accumulation from LINK whale signals investors’ confidence for a quick recovery or potential breakout,
• The LINK buyers could witness strong support at $25.7 and $22.2 horizontal levels.

Chainlink Price Rises as $15.5M Whale Accumulation Sparks Optimism

According to onchain data tracker Lookinchain, a crypto whale has withdrawn another 100,000 Chainlink tokens worth approximately $2.95 million from Binance earlier today. This transaction marks a continuation of the whale’s recent activity, as they have cumulatively withdrawn 529,999 LINK, valued at $15.5 million, over the last three days.

Such large-scale withdrawals typically signal bullish sentiment among whales, as tokens moved off exchanges are often intended for long-term holding or staking.

The whale withdrew another 100,000 $LINK($2.95M) from #Binance 6 hours ago.

In the past 3 days, this whale has withdrawn a total of 529,999 $LINK($15.5M) from #Binance.

Address:
0x3c9Ea5C4Fec2A77E23Dd82539f4414266Fe8f757 pic.twitter.com/gACJRuPBdG

— Lookonchain (@lookonchain) December 17, 2024

Fibonacci Levels Signal Key Support Ahead

Since last weekend, the Chainlink price has witnessed aggressive selling above the $30 level, evidenced by the long-tail rejection candles. While the Bitcoin price rally above $100k boosted most major altcoins, the LINK buyers struggled to sustain a $30 breakout.

With sustained selling, this altcoin could plunge 6% to hit the $25.6 level, seeking support at 23.6% FIB and 20-day EMA. If the support holds, the coin buyers could rechallenge the $31 high and drive a rally to $36, accounting for 30% growth potential.

LINK/USDT -1d Chart

According to the Fibonacci retracement level, the LINK coin could witness strong support at $25.7 and $22.2 levels, coinciding with 38.2% and 50% FIB.

Source