Chainlink Surges: Bulls Push Price Above $14 With Bullish Momentum
• Chainlink’s price has been consolidating between $6 and $8 for some time as whales have been accumulating LINK.
• The current development activity on GitHub is spiking sharply, which may indicate a bullish action in the near future.
• If the resistance at $10 is broken, it could trigger a massive upswing with LINK soaring beyond its previous highs of $14.
Chainlink Price Consolidates Between $6 and $8
Chainlink (LINK) continues to trade within a consolidated area, accumulating strength to trigger a massive upswing. The token has been hovering below $10 for over a year now and after facing multiple rejections, a rise above these levels has become mandatory. While the bulls are trying to revive the bullish trend within the markets, Bitcoin’s (BTC) price has remained stuck within a range. Meanwhile, altcoins such as Shiba Inu, Algorand, and Chainlink are displaying huge bullish momentum.
Whale Accumulation Spikes Up
Whale accumulation is considered one of the biggest indicators to determine upcoming price action: if they liquidate their holdings constantly it indicates bearish action; an accumulation flashes bullish signals. With increasing speculation over LINK’s price in recent days, Chainlink’s GitHub development activity spiked heavily earlier this month. Moreover, whales and sharks holding 100K to 10M have been accumulating LINK heavily for over a month now – with addresses holding 1 million to 10 million links now holding nearly 168 million LINK -the highest in recent times- indicating that an upswing may be imminent.
Resistance at $10 Could Trigger Massive Upswing
The LINK price has faced constant rejections from the upper resistance just below $10 ever since May 2022 when its rally broke down. If this resistance is broken through it could potentially trigger a massive upswing with Link soaring beyond its previous highs of around $14 USDT per token.
Technical Indicators Showing Bullish Momentum
Technical indicators such as MACD also suggests that Link may see more positive movement soon as its MACD line crosses above zero line -a sign of bullish trend- while also sustaining above signal line which further confirms strong buying pressure in the market which could push prices higher soon enough.. Also 50 day EMA (Exponential Moving Average) looks promising as it lies well above 200 day EMA which shows that short term trend is on bull run and can go much higher if current buying pressure remains intact .
Chainlink appears to be slowly but surely gathering strength from all sides towards breaking past key resistances at around $10 USDT/token – if successful we may see another significant surge in prices towards hitting new all time high very soon!