The LINK price has consistently demonstrated bullish patterns. In September, its value catapulted from a humble $5.8 to an impressive $7.9 peak. Consequently, crypto enthusiasts remain optimistic, further fueled by a notable prediction of a 130% price increase from a crypto expert.
Babenski, a pseudonymous analyst on TradingView, shared insights on the potential $18 surge. He highlighted the $5.8 mid-September low, identifying it as a significant accumulation range. This trend wasn’t surprising, as extensive buying occurred when LINK dipped to $5.8. Hence, this accumulation phase established a solid support foundation, propelling the rally toward the $8 mark.
However, despite witnessing a 35% surge from its September trough, Babenski anticipates more growth. A rally climax at $18 would indicate a potential 130% increase for LINK. Yet, a hurdle emerges – a retracement spotted slightly over the $8 mark. Significantly, LINK has recently experienced a similar pullback after nearing the $8 threshold. Babenski’s projections suggest a minor decline might precede a vigorous ascent straight to $18. Although the exact timeline remains unspecified, the trajectory suggests an October-November window for this leap.
Moreover, it’s crucial to note that the accumulation trends highlighted predominantly involve LINK whales. Crypto analyst @ali_charts unveiled a graph on X (previously Twitter), revealing that whales with holdings ranging from 10,000 to 1,000 coins emerged as the principal buyers. Ali’s data shows these entities swiftly acquired over 7.5 million tokens, channeling roughly $53 million into LINK purchases. Additionally, with LINK’s price escalation, these holders now relish profits. This realization might elucidate the recent LINK price corrections.
Nevertheless, LINK’s digital trajectory remains bullish. The fact that whales retain over 206 million coins indicates their reluctance to sell during the ongoing rally, perhaps hinting at their anticipation of more substantial gains.
Lastly, LINK’s performance this week has been nothing short of stellar. A 15% increase on the 7-day chart positions it as the top performer among the leading 20 cryptocurrencies by market cap.
