Chainlink’s native token, LINK, is capturing traders’ attention amid a period of market uncertainty. Despite broader crypto market fluctuations, LINK has seen increased accumulation by whales, suggesting strong confidence in its future trajectory.
DEX Trader Bets $1 Million on LINK
Recent on-chain data highlights a significant purchase of LINK by a smart DEX trader. Blockchain transaction tracker iCrypto revealed on X (formerly Twitter) that wallet address 0xbb90 acquired 53.2K LINK tokens worth $1.01 million within the past 24 hours.
$LINK – Smart DEX Traders Reaccumulating
— iCrypto | Sentiment & On-chain Analysis (@iCryptoAI) February 16, 2025
In the past 24 hours, Wallet 0xbb90 bought 53.2K $LINK ($1.0M). Notably, this wallet previously earned $629.8K (+136%) from $LINK.
CVD remains in an uptrend.#iCrypto #LINK pic.twitter.com/jylRGBLRVK
This isn’t the first time this trader has made a notable bet on LINK. Previously, the same wallet recorded an impressive 136% gain, pocketing $630,000 from investing in the token. Given this successful track record, market participants are closely watching LINK’s next price move.
Experts Predict a Potential Breakout
Supporting this bullish outlook, a prominent crypto analyst pointed out that LINK’s Bollinger Bands are tightening on the 12-hour chart—a classic indicator of an impending volatile move. This technical setup suggests that LINK could experience a sharp breakout in the near term.
The Bollinger Bands are squeezing on the #Chainlink $LINK 12-hour chart, signaling that a high-volatility move could be imminent! pic.twitter.com/nP4yjvAnyK
— Ali (@ali_charts) February 17, 2025
Market Participation and Price Momentum
Despite the bullish sentiment, LINK’s price remains relatively stable. Currently trading around $18.85, the token has seen a modest 0.85% increase in the past 24 hours. However, a surge in trading volume—rising 80% in the same period—indicates growing investor participation and potential momentum for an upward move.
Technical Analysis: Key Levels to Watch
Technical indicators suggest that LINK is forming an ascending triangle pattern on the four-hour chart. The asset is currently holding above a critical ascending trendline, a historically strong support level. Previous price action indicates that LINK tends to gain upside momentum whenever it approaches this level.
If LINK maintains support above this trendline, analysts predict a potential 17% rally, targeting the $22 resistance level.
Also Read: Chainlink Whales Dump 4 Million Tokens: Is LINK’s Price at Risk of Further Decline?
With increasing whale accumulation, bullish technical patterns, and rising market participation, LINK appears poised for a strong move. Traders and investors will be watching closely to see if this momentum leads to a significant breakout in the coming days.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of CoinBrief.io. Before making any investment decisions, you should always conduct your own research. Coin Brief is not responsible for any financial losses.
