The LINK price has been experiencing a bullish rally, with the token rising from a low of $5.8 to a peak of $7.9 in September. This upward momentum has continued, as crypto enthusiasts remain optimistic about the future of LINK. In fact, a crypto analyst has predicted a 130% price increase for LINK in the near future.
In a recent analysis posted on TradingView, an anonymous analyst known as Babenski explains the basis for their chart showing a potential $18 surge in the price of LINK. The analyst points to the previous low of $5.8 recorded in mid-September, which they identify as the accumulation range. This low price attracted significant buying activity, leading to a support level that served as the starting point for the rally towards $8.
Despite already experiencing a 35% increase from its September lows, the analyst believes there is still further upside potential for LINK. The projected peak of the rally is set at $18, which would represent a 130% increase if it materializes as expected.
However, there is a potential roadblock in the form of a retracement just above the $8 level. LINK has already experienced a similar retracement after nearly touching $8. According to the analyst’s chart, the price may decline further before resuming its upward movement towards $18.
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While there is no specific timeframe provided for when the LINK price could reach $18, it is likely to occur in October or November as September comes to a close.
The accumulation trend mentioned earlier has been primarily driven by LINK whales, as highlighted by crypto analyst @ali_charts. These whales, holding between 10,000 and 1,000 coins, have been the main buyers during this period. In just a few weeks, they have purchased more than 7.5 million LINK tokens, amounting to approximately $53 million. As the price of LINK has risen, these holders are now seeing profits and may be responsible for the recent downward correction in the price.
Despite this correction, the overall sentiment remains bullish, especially considering that the whales still hold over 206 million LINK coins. This suggests that they are not tempted to sell during the current rally and may be holding on for even higher prices.
LINK has been a standout performer in the cryptocurrency market this week. It has seen a 15% increase on the 7-day chart, making it the best performer among the top 20 cryptocurrencies based on market capitalization.
In conclusion, the LINK price has shown strong bullish momentum in recent weeks, with predictions of a 130% price increase to $18. While a retracement and downward correction have been observed, the overall sentiment remains positive, especially with the continued holding of LINK by influential whales. It will be interesting to see how the price of LINK evolves in the coming weeks and whether it reaches the projected targets.
