Why Is Chainlink Price Up? LINK Breaks Crucial Resistance

After consolidating for two months, Chainlink’s LINK token broke out upwards eight weeks ago as anticipated. However, it traded sideways again in the past six days between $18-$19. But now the bulls have successfully broken above key resistance at around $19.10. LINK currently trades above $20, presenting opportunities for much further upside.

Whale Accumulation Preceded Rally

Cryptocurrency analyst Crypto Aman had shared four days ago that whales were continuously accumulating LINK. This presaged the current price bump – LINK has gained over 15% in just four days. As Crypto Aman explained, Chainlink is a top oracle coin project that should not be ignored.

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Large withdrawals from Binance

Crypto Aman pointed out how 47 new wallets withdrew 2,237,504 LINK (worth $42.38 million) from Binance in two days. This significant whale movement and accumulation helped spark the latest rally through the $19 area. With KEY resistance now broken, Chainlink looks positioned for further gains as whales continue buying.

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Vignesh Karunanidhi
Vignesh Karunanidhi

Seasoned crypto writer with deep passion for blockchain and cryptocurrency