Chainlink (LINK) is exhibiting bullish technical signals as its price undergoes a critical retest of the $20 support level following a recent resistance breakthrough. This pattern historically signifies strength and typically precedes further upward momentum.
Significant whale accumulation activity has reinforced optimism, with major investors acquiring over 1.6 million LINK tokens recently. This substantial purchasing pressure strengthens the likelihood of continued price appreciation.
LINK demonstrated notable resilience during recent market volatility, recovering from a low of $17.17 to trade near $19.53. Analysts emphasize that traders should monitor both sustained confirmation of the $20 support level and robust trading volume for validating the bullish thesis.
Should momentum be maintained above $20, LINK’s immediate technical target sits near $22. Further strength may propel it toward the $28 level. This trajectory positions LINK for potential gains contingent on sustained market support.