Chainlink (LINK) is showing technical indications of a potential bullish reversal, confirming a double bottom breakout above the critical $17.17 support level. This pattern emerges alongside a significant surge in trading volume, exceeding 31 million LINK tokens, signaling renewed market momentum.
Aggressive accumulation by large holders, often termed ‘whales,’ bolsters the current price action. Data reveals these entities have acquired over 1.6 million LINK tokens, valued at approximately $28 million, within recent weeks.
Chainlink’s fundamental strength is underscored by its pivotal role in decentralized finance (DeFi). Its network currently secures a total value exceeding $52.3 billion across various DeFi protocols.
Key resistance levels to monitor are situated at $18.50 and $20. A decisive breakout above $18.50 could potentially catalyze further upside movement. Conversely, failure to hold above $17.17 might see the price testing support near $16.50.
Supporting the bullish case, technical indicators, including the Relative Strength Index (RSI), point towards potential continued upward traction in the near term.