Chainlink’s price has seen a significant rebound from the interim support zone, sparking hopes of a bullish yearly close. The LINK community, known as the LINK marines, remains optimistic about future price movements, leading to a steady upward trend for the token. Despite staying above the key $20 range, a larger correction may be on the horizon.
Although trading volume has dropped drastically from over $9.3 billion to under a billion, a decrease of over 80%, the LINK price has continued its upward trend. While retail traders remain cautious, whales have become more active, accumulating a significant amount of LINK tokens during the recent pullback.
Analyst ALI’s santiment data reveals that the number of wallets holding LINK tokens between 10M and 10M has increased by over a million. This surge likely contributed to LINK’s price stability above $20 during a recent market downturn. With whales showing interest in LINK, will bulls follow suit? Can LINK’s price see a bullish resurgence and end the year on a positive note?
Looking at Chainlink’s daily chart, there are signs that the token may test support just above $20. DMI levels are converging, hinting at a potential bearish crossover, while the Ichimoku cloud also suggests a pullback. The price could rise to $25 before dropping back to $20, potentially forming a head & shoulder pattern.
If bulls fail to defend the support, a sustained bearish trend could push prices below $18. However, the dominance of bullish momentum in Chainlink’s price rally may override bearish expectations, leading to a positive yearly close for LINK.
