LINK price has undoubtedly been one of the major highlights of the cryptocurrency market in 2023. Over the past week, the cryptocurrency maintained its recent positive momentum, reaching a new yearly high of $15.8 on Thursday, November 9.
A crypto analyst and trader who predicted this latest bullish run has offered more insight on what to expect from the Chainlink token.
A crypto analyst with the pseudonym Mags took to X (formerly Twitter) to share an interesting update on the LINK price action. While referring to their initial analysis, the crypto analyst predicted the likely movement of Chainlink’s price over the coming days.
$LINK broke out and went vertical without any re-test as said in my previous update!
Expecting a one more leg up till $18 before any HTF pullback!
+88% since breakout
— Mags (@thescalpingpro) November 11, 2023
In the October 22 analysis, Mags highlighted that the price of LINK had broken out of a 512-day consolidation wedge. The crypto trader then forecasted a straight rally to $12.54, a level the altcoin had surpassed earlier this week.
From the current standpoint, Mags believes that the LINK price will continue its “vertical” upward run without any re-test. “Expecting one more leg up till $18 before any HTF pullback,” the crypto analyst postulated in their post on X.
As of this writing, the LINK token is valued at $15.06, reflecting more than a 3.6% price increase in the past 24 hours. While the altcoin’s price has been moving mostly sideways in the last few days, it has maintained most of its gains in the past week.
According to data from CoinGecko, the Chainlink token has swelled by more than 33% over the past seven days. This figure underscores the altcoin’s position as one of the best performers in the crypto market over the last few months.
A recent on-chain data report by blockchain analytics firm Santiment revealed that whale activity on the Chainlink network had hit its highest level in six months. Interestingly, the network is not alone in this trend, as other blockchains, including Bitcoin, Ethereum, and Cardano, have also experienced a similar spike in whale activity.
As Santiment noted, while there might be some profit-taking amongst the whales at the conclusion of the week, this does not necessarily mean that tops are imminent. Hence, the analytics firm’s revelation somewhat strengthens the case of a continuous upward movement for the LINK price.
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