Chainlink (LINK) has been facing significant overhead supply in the market, which has led to resistance at key price levels. However, recent whale activity and increased buying interest are suggesting that LINK might be poised for a breakout. Some analysts predict that this could lead to a 28% rally in the near future. But can LINK defy the resistance and continue its upward movement? Let’s dive into the technical factors and whale activity to explore the potential for LINK’s next big move.
The Overhead Supply Challenge
Overhead supply refers to the resistance that exists when prices hit a level where large holders (often whales) are willing to sell their positions. In Chainlink’s case, the recent price movements have been capped by these supply levels, making it difficult for LINK to break through. For Chainlink to continue its upward trajectory, it must overcome these key resistance points and push past the overhead supply that has been limiting its growth.
Whale Support: A Key Indicator?
Whale activity can often provide crucial insights into the potential price movements of a cryptocurrency. When whales start accumulating or holding positions, it can indicate confidence in the asset’s future performance. In the case of Chainlink, recent whale support has been observed, suggesting that large investors are positioning themselves for a possible breakout. This support is seen as a positive sign, as whales typically have access to more market information and have the ability to influence price movements.
Could Chainlink See a 28% Rally?
Given the whale support and the ongoing buying pressure, some market analysts believe that Chainlink could break through its resistance and trigger a 28% rally. This rally would be contingent on sustained buying interest and volume to absorb the overhead supply. If LINK can surpass key resistance levels and maintain upward momentum, the path to a 28% gain becomes more likely.
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