Chainlink's (LINK) price shows significant potential for growth, becoming one of the top gainers among cryptocurrencies recently. The BBTrend indicator remains positive since November 25, though it has shown signs of weakening. If LINK breaches current resistance levels, it could surge 42% to reach $30.
A noticeable decline in whale holdings amongst major investors in Chainlink has been observed in the past fortnight, indicating a potential change in market sentiment. This reduction from 558 to 533 wallets suggests profit-taking or redistribution of holdings.
The BBTrend indicator has dropped from its recent peak, indicating a weakening but remaining in positive territory. This change could signal potential trend reversals if it turns negative, heralding increased selling pressure.
In case of LINK failing to maintain momentum, it may face a downward correction. Initial support is expected around $16.18, potentially falling further to $13.8 if this support doesn't hold.
