Chainlink (LINK) has surprised everyone by not going down to $5.00. In fact, it has gone up 9.5% in the last 24 hours as whales have been buying more. Traders are interested in the commodity because of the strong upward trend. If the market stays positive, $1.22 billion worth of LINK could turn into profit.
Coinglass and Santiment data show that whale and trader action is pushing the price up. The number of LINK tokens in profit hit a monthly high. According to IntoTheBlock’s Global Into and Out of Money (GIOM) data, over $1.35 billion worth of Chainlink tokens, or 10.79% of the total amount, could start making money if the trend keeps going up.
Chainlink Price May Reach $15
The Market Value to Realized Value (MVRV) number has gone up from 0.24% on August 18 to 12.16% today, which shows that more profit has not yet been realized. The number of whale trades went up, reaching a high point on August 21 when Chainlink broke out of a bearish pattern, according to Sanction data.
The Coinglass Crypto Derivatives Screener shows that shorts are closing in the 15-minute window and longs are opening in the 24-hour period. This means that traders are becoming more bullish. This points to a change to longer-term buy positions as hopes for more price rises grow.
Chainlink’s price estimate says that the price could reach a high of $15 if people continue to be optimistic. The latest break out from a bear pennant, which was marked by a strong bullish candlestick, suggests that more gains are possible.
Around $11.97 is where resistance is likely to be, and if it breaks out, the next goals could be $13.97 and even $15.50.At 2.74, the Coppock Curve indicator shows that there may be a bullish turnaround after a downtrend.
A strong daily close above $13.97 could confirm a long-term rally that aims for prices around $15.50 or higher. Support is right now at $11.00, and a drop below that level could mean that the market is weakening and that long holdings should be rethought.
