LINK, the premier blockchain oracle token is up more than 8 percent over the past 24 hours. While the move itself isn’t extraordinary – since the entire crypto market has recorded strong gains within the same period – what’s interesting is the on-chain behavior of LINK whales.
LINK not stopping anytime soon
In a Wednesday X post, seasoned crypto trader Ali Martinez said that LINK’s recent rally is unlikely to stop anytime soon. The analyst brought attention to various factors that strengthen the case for a prolonged price appreciation for the digital asset.
Notably, over the past 24 hours, LINK whale activity has climbed by a whopping 344 percent. Transactions worth more than $1 million have jumped from 9 to 40, suggesting large investors may be getting ready for a continued move higher.
On a larger timeframe, such as over the past week, large holders have added more than 3 million LINK tokens to their holdings, reinforcing the bullish picture. The following chart confirms the strong accumulation pattern.
What makes the ongoing LINK buying pressure particularly interesting is that it is occurring despite a negative social media sentiment. In simple words, the broader market may not have fully noticed the move yet, leaving the trade less crowded than typical momentum rallies.
From a technical standpoint, LINK is now pressing against the channel’s upper mid-range around $9.78 price level. A daily close above this price would push LINK to $10.77, the channel’s top as the next target.
Further, a decisive break at that level could extend the bull rally to $12.50, and potentially even $14.40. That said, LINK is still significantly below its all-time high price of $52.7 recorded back in May 2021.
LINK to $100?
The first signs of LINK ending its extended downtrend appeared on Tuesday when it reclaimed its 200-day moving average level.
Notably, on August 13, crypto analyst Michael van de Poppe forecasted that LINK could actually enter triple-digit price territory if it is able to outperform BTC for a few months.
While the forecast of LINK surging to $!00 may sound a little too ambitious, it is not outside the realm of possibility. On an even larger timeframe, Standard Chartered predicted that LINK can hit $200 by 2030.
