During Tuesday’s U.S. market session, the Chainlink price recorded a 5.8% downtick to trade at $23.8. The reversal is likely following broader market consolidation as Bitcoin continues to waver around $95,000. However, a notable surge in LINK active addresses and whale accumulation hints at the potential for further rally.
According to Coingecko, the crypto market cap holds at $3.6 Trillion with an intraday dive of 0.9%. Meanwhile, the 24-hour trading volume is at $394 Billion.
Key Highlights:
- Chainlink price gave a massive breakout from cup and handle pattern, concluding a 38-month accumulation.
- A bullish crossover between 100-and-200-day Exponential moving averages could further accelerate the bullish momentum.
- LINK price records sustain recovery backed by whale accumulation and a surge in network activity.
Crypto Whale Acquires $6.68M Worth of LINK Amid Price Rally
On December 2nd, the Chainlink price recorded a massive 33.5% growth candle, which reached a 35-month high of $26.9. Amid the price jump, a crypto whale purchased 269,861 LINK worth $6.68 million.
According to Lookonchain data, the Whale $2.6 million spent to acquire 107,838 LINK at $24.1 via DEX and the withdrawal of 162,024 LINK valued at $4.08 million from Binance. While the asset recorded a notable rally in November, the continuous accumulation from large holders accentuates their confidence in LINK’s growth potential.
The price of $LINK has surged 36% today!
A whale bought 269,861 $LINK($6.68M) in the past 12 hours.
The whale spent $2.6M to buy 107,838 $LINK at $24.1 on DEX and withdrew 162,024 $LINK($4.08M) from #Binance.https://t.co/Zuxgpk23Sm pic.twitter.com/hNQ65oZkfi
— Lookonchain (@lookonchain) December 3, 2024
Concurrently, the Chainlink ecosystem is witnessing robust expansion, with the number of new LINK addresses reaching a two-year high. This surge underscores heightened investor interest and activity, reflecting growing confidence in the LINK ecosystem’s potential.
The number of new $LINK addresses being created is currently at its highest in over two years! pic.twitter.com/FqIps89Ay2
— IntoTheBlock (@intotheblock) December 3, 2024
Chainlink Eyes $40 Target with Bullish Cup & Handle Breakout
An analysis of the weekly time frame shows Chainlink price offered a massive breakout from $22.8 resistance, the neckline of the cup & handle pattern. The chart setup is commonly spotted at major market bottom standing as a precursor to a major trend change.
The LINK price pullback is currently retesting the breached resistance as potential support. If the level or 20-day EMA slope holds the price up, the buyers could attempt a $40 rally, accounting for 72% potential growth.
On the contrary, a breakdown below $22.8 could raise concern for a bulltrap scenario.
