'LINK Is On Fire Baby, Let's Go $20': Analysts Get Stoked As Chainlink Rallies 8%

Whales are interested in Chainlink LINK/USD, prompting analysts to turn bullish on the token — though some see it in a re-accumulation range.

What Happened: Based on LookOnChain data cited by crypto analyst Ali Martinez, Chainlink whales have gathered around 7 million LINK worth $105 million just over the past week. This highlights the rising confidence of major LINK players.

Data indicated that an unknown wallet address withdrew 136,146 LINK (worth $2.05 million) from Binance, taking its past 10-day withdrawal to 348,006 LINK (worth $5.79 million) from Binance.

The value indicates a floating profit of $229,000.

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Why It Matters: Rekt Capital, a cryptocurrency technical analyst, published a chart with technical analysis on X, asking: “What if Chainlink has been a Re-Accumulation range at highs all this time?”

$LINK
What if Chainlink has been a Re-Accumulation range at highs all this time?#LINK #Crypto #Chainlink pic.twitter.com/9iRb4oxhU1

— Rekt Capital (@rektcapital) December 27, 2023

For the unfamiliar, re-accumulation is a range-bound condition that forms after an uptrend. It is a pause or preparation phase for a fresh new leg of a larger uptrend.

Futures Trader, Satoshi Flipper took to his X handle and said that “$LINK is on fire baby let's gooo $20.”

Later Flipper added that “Technically the market wasn't wrong and $LINK did hit the top of the channel, almost $18 as presented on 12/21. Bottom of the channel is $14 ... a blessing for swing traders if we get it.”
Bottom of the channel is $14 ... a blessing for swing traders if we get it 🙏🙏 https://t.co/NGdgJ32Zly pic.twitter.com/VfZZ8modKw

— Satoshi Flipper (@SatoshiFlipper) December 28, 2023

Price Action

• In the past week, LINK witnessed a 7.9% increase taking its past month gains to 11.4%.
• In the past 24 hours, the LINK price peaked at an intraday high of $17.54, reflecting an increase of 7.1%.
• Currently, the token is trading marginally higher over the past 24 hours (+0.4%), with volumes rising 56.2% in the same timeframe.
• Based on Etherscan data, total LINK holders as of Dec. 28 stood at 707,929 compared to 704,721 holders two weeks ago.
• The top holder is Binance 8 with 43.4 million LINK worth $706.5 million.

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