Chainlink (LINK) rose 15.27% over the past week to an intraday peak of $10.6, its highest price in more than three months.
At press time, the altcoin was trading at $10.48, up 6.38% in the past 24 hours. The rise coincides with shrinking foreign exchange reserves and a sharp rise in chatter on social media.
Why did Chainlink price rise?
According to Santiment, approximately 13.5 million LINK, about 10.5% of the coins on the exchange, have been withdrawn over the past five weeks. Pointing to accumulation. Social volume at the same time rose to its highest level in three months, suggesting that renewed trader interest is converging with shrinking sell-side liquidity.
“The 15th largest cryptocurrency market cap has seen a resurgence in social media discussions throughout this week, and this likely contributed to this mini-hack,” mail He reads.
Whale holdings further reinforce the accumulation trend. Wallets containing between 1 million and 10 million LINKs increased their holdings from 265.02 million to 288.04 million LINKs over the past 30 days. This represents an increase of 23 million tokens, or 8.7%.
Wallets containing 100,000 to 1 million LINK added another 9.83 million coins. Their stock rose from 163.08 million to 172.91 million tokens during the same period.
Combined, these two groups absorbed approximately 32.85 million links in one month. Their holdings expanded by 7.7%, reflecting… Consistent buy-side conviction From larger wallets.
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LINK Forecast remains bullish
Many traders see further upside from the current breakout zone. Trader Quentin François is tagged Altcoin hack from Multi-year banner in a post on X.
Trader Clifton explained that the daily chart of LINK is forming a descending expansion wedge. He pointed to measured goals that indicate potential gains of 100% to 150%. From penetration areas.
“A strong bullish breakout from the upper trend line of this wedge, supported by a momentum candle and rising volume, could lead to a strong bullish rally. Measured targets indicate potential gains of 100-150% from the breakout zone,” books.
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this post Chainlink (LINK) Hits 3-Month High: What’s Driving This Rally? appeared first on BeInCrypto.
