Chainlink’s Rally Roadmap: Three Indicators Suggesting a 20% Price Surge by New Year’s

Crypto News- Chainlink (LINK) has experienced an impressive resurgence, surging by over 240% from its yearly low of approximately $4.70 in June 2023 to its current level of $15.76. Analysts and indicators suggest that this upward momentum may continue in the coming days and weeks.

Chainlink’s Rally Roadmap: Three Indicators Suggesting a 20% Price Surge by New Year’s

The price of LINK is currently approaching a breakout from an ascending triangle pattern that has been forming since November 2023. Ascending triangles are typically viewed as bullish continuation patterns, especially within an uptrend. The breakout from this pattern, anticipated in December 2023, could propel LINK’s price to exceed $19.50, reflecting a potential 20% increase from its current levels.

Supporting the case for a December rally, data reveals a significant drop in LINK supply on crypto exchanges. As of December 3, the total LINK tokens held on exchanges reached about 150.39 million, the lowest since February 2020. This 19% decrease from the 2023 peak in August, coupled with a 150% surge in LINK’s value, suggests a diminishing supply on exchanges. This decline indicates a growing preference among traders to hold onto LINK tokens rather than selling them for alternative assets, potentially strengthening LINK’s bullish trend in December.

Furthermore, the accumulation of LINK by large holders, or ‘whales,’ adds to the positive outlook. Santiment’s data tracking the behavior of LINK whales indicates ongoing accumulation by the wealthiest addresses, reflecting sustained strong demand for LINK tokens.

In summary, the convergence of technical patterns, reduced supply on exchanges, and continued accumulation by large holders paints a promising picture for Chainlink, hinting at the possibility of a 20% rally in December 2023.