In the past two months, Chainlink whales have added over 15 million LINK tokens to their holdings, equating to approximately $165 million in value. This significant accumulation coincided with a 50% surge in Chainlink's price.
However, the token experienced a 15% retracement within ten days, bringing its current trading price to $13.3.
This price remains above the 200-day moving average (MA) of $12.8, signaling a positive outlook among futures traders who show more interest in long positions than shorts.
Technical analysis further suggests a potential upside target of $25.30, which could equate to an 87% increase from the current trading price, buoyed by recent market dynamics.
With market indicators aligning positively, the sentiment around Chainlink remains optimistic for further growth opportunities.
