Key Takeaways
- Chainlink’s (LINK) price reached a 198-day high as the price attempt a breakout from its 4-year resistance.
- LINK is trading inside a short-term bullish wedge as price builds on current market price action.
- Whales build more buy positions for LINK following a strong bullish price case.
Chainlink (LINK), the oracle-based protocol, started an impressive rally in July, breaking out of its long price range and emerging as a top contender for the August rally as the price rallied to a potential new high.
Following the performance of Ethereum towards $4,800, this has influenced the price of LINK to key daily highs, as the price would continue in its bullish price action to the upside in the coming weeks.
Chainlink (LINK) Price Analysis
Source – LINK Accumulation by Whales
LINK’s price action in the last few weeks has been bullish creating higher lows as price maintains a strong market trend to the upside.
Current market price action for LINK above key support zones indicates bulls dominating price to the upside.
On-chain data from Santiment suggests whales are currently accumulating large amounts of LINK tokens following the steps of the Ethereum reserve.
This market accumulation could spark a strong market rally for LINK, as the price has shown strength, remaining strong despite the market suffering a minor market retracement in the last few days.
Market sentiment and technical indicators have all favored the bullish price case for Chainlink in the last couple of weeks.
What would the price do next following a market bounce to the upside?
Will LINK Maintain a Bullish Case
Crypto experts such as DeFiTracer have speculated a strong market push towards $200 if the price of LINK breaks its 4-year resistance, trading above $40 price points, built on recent price actions.
This speculation has aligned with other traders who are closely watching the current price action of Chainlink. A breakout and close above $30, flipping this zone into support, could spark a renewed market growth.
Overall, short-term market price action for LINK is bullish as traders and investors explore more buying opportunities for the crypto asset.
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