Chainlink price has defied a bearish pattern that would have resulted in a catastrophic drop to around $5.00. As whale activity increased, the asset rose 9.5% in the last 24 hours. Similarly, traders have turned bullish on the asset and are purchasing it, anticipating more upside—consequently, $1.22 billion worth of LINK currently at the money may slide into profit if the market sentiment remains bullish.

Whales and Traders Are Pumping Chainlink Price

Whales and traders are working together to push Chainlink price up, according to data from Coinglass and Santiment. The total number of LINK tokens in profit surpassed the monthly high, signaling that many LINK investors are in profit. 

Additionally, IntoTheBlock Global Into and Out of Money (GIOM) data shows that over $1.35 billion Chainlink tokens may become profitable if the LINK price continues its bullish rally. This constitutes 10.79% of all LINK tokens in circulation. 

Further, the Market Value to Realized Value (MVRV), which shows the current market price ratio to realized value, also increased from 0.24% on Aug. 18 to 12.16% today. This means unrealized profit is also rising, aligning with the GIOM metric.

The Santiment data also shows that the whale transaction count increased gradually from Aug. 18 and peaked on Aug. 21, when the Chainlink price broke out of a symmetrical triangle, defying a bearish pattern. The increase in whale activity, along with increasing prices, suggests that whales are accumulating.

Meanwhile, traders have turned bullish as the Coinglass Crypto Derivatives Screener shows shorts are closing in the 15-minute time frame while Longs are opening in the 24-hour timeframe. This indicates that scalpers are closing their shorts in profits and looking to open longer-term buy positions as they believe LINK price may rise higher.

Chainlink price prediction shows that continued bullish sentiment may catapult the token to $15.00.

LINK Price Analysis: Defiant and Aggressive Rally to $15.50

LINK price recently broke out of a bear pennant, which is typically a continuation pattern. The LINK price breakout was accompanied by a strong bullish candlestick, a positive signal for continued upward movement. The size of the candlestick also indicates strong buying pressure.

LINK price may find resistance around $11.97. A break above this level could signal the start of a bullish trend, with the next significant resistance at $13.97. If the price breaches this level, it could target the previous highs of around $15.50.

The Coppock Curve indicator is currently at 2.74, indicating a possible early signal of a bullish reversal after a prolonged downtrend. 

A daily close above $13.97 with strong volume to confirm a sustained breakout may signal longer-term upside price action.  A confirmed breakout could lead to targets around $15.50 or higher.

The base of the triangle, around $11.00, serves as immediate support. If the LINK price breaks below $11.00, it may show market weakness. Consequently, reconsider any long positions, as they may indicate a bearish continuation and an invalidation of the bullish setup.

The post A 21% Rally in Chainlink Price Could Push $1.35B Investors Into Profit  appeared first on CoinGape.

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