Chainlink (LINK) Is Gearing Up for the Next Leg of Bull Run, $20 Soon?

Chainlink’s native cryptocurrency LINK witnessed a staggering price rally earlier this year moving from $7-$14. However, bulls have been resting since then as the Chainlink (LINK) price consolidates around $14. But market analysts believe that the Chainlink could be gearing up for the next leg of the bull run amid recent price consolidation.

Chainlink Price Prediction

As long as the Chainlink (LINK) price holds the $14 level, the bulls hold the upper hand over the bears. In the assessment provided by crypto analyst Michael van de Poppe, Chainlink is observed to be in a consolidation phase around the $14 mark, with no signs of nearing a retest at $8. According to the analyst, entry points in the range of $11 to $14 are deemed favorable.

The target set for the next 3-6 months is $25. Van de Poppe suggests that the upward cycle has initiated, and these consolidation periods represent opportune moments for entry into the market.

Bluntz, a pseudonymous analyst with a substantial following of 232,400 on the social media platform X, is signaling numerous bullish reversal indicators for Chainlink (LINK) on the eight-hour chart. The analyst suggests that LINK may experience a rally to a level not seen since January 2022.

Courtesy: Bluntz Capital

In a post to followers, Bluntz notes the completion of the fifth wave down for C, sweeping $13.9 one final time. Additionally, the analyst points to a noteworthy high time frame bullish divergence. Employing the Elliott Wave theory, which relies on crowd psychology manifesting in waves, Bluntz expresses the belief that this marks a significant wave four low.

The prediction asserts that $20 is the next target for LINK, concluding with a remark on the potential challenges for those who may have capitulated during the market movements.

But crypto analyst Ali Martinez says that before reaching this milestone, Chainlink faces a substantial hurdle at $15. Approximately 73.6 million LINK tokens are held by 19,000 addresses at this level, signifying a significant resistance zone. Martinez emphasizes that overcoming this resistance is crucial, and if successful, Chainlink could be poised for further upward movement in its price trajectory.

Courtesy: Ali Martinez

Chainlink Whale Purchases

Based on data from IntoTheBlock, the influx of LINK tokens into large holders’ wallets has consistently increased following Nailwal’s announcement on Friday. Over the weekend, between December 15 and December 17, these whales added a total of 23.44 million LINK tokens to their holdings. The Large Holder Netflow metric, which measures the daily variance between outflows and inflows from wallets with at least 0.1% of the total circulation supply, indicates this upward trend.

The whales, evaluated at the 5-day average price of $14.20, have now accumulated LINK tokens worth $332 million since the integration of Chainlink price feeds with Polygon.

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