During Monday’s market session, the crypto market witnessed a notable downtick as Bitcoin dived 3.3% to plunge below the $100k mark. The BTC’s struggle to sustain above this psychological level has initiated a consolidation phase in the altcoin market. Amid the uncertainty, the Chainlink price revealed the formation’s well-known bull-flag pattern, signaling the potential for $30 soon.
Currently, the LINK price exchanges hands at $24.3, with an intraday loss of 6.6%. According to Coingecko, the global crypto market cap is at $3.86 Trillion, with an intraday gain of 0.8%. Meanwhile, the 24-hour trading volume is at $393 Billion.
Key Highlights:
- The chainlink price is 12% short from a bullish breakout from the bull-flag pattern.
- LINK coin consolidation experiencing whale buying signals the potential for an extended uptrend.
- The LINK buyers could witness an overhead supply pressure at $26.9 followed by $30 levels.
Chainlink Ecosystem Flourishes with Surge in User Engagement
Chainlink, a decentralized Oracle network, has reported significant growth in its daily active addresses. According to data from IntoTheBlock, the platform is now averaging 8.22k active addresses daily, marking a staggering 142% increase compared to its performance a month ago.
This surge highlights a renewed interest in Chainlink’s ecosystem and indicates a robust rise in user engagement, signaling a positive trend for the project’s future trajectory.
Whale Accumulation Highlights Confidence in Chainlink Price Breakout
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According to onchain data tracker Lookonchain, a crypto whale on Sunday bought 390,230 LINK( worth approximately $9.68M ) from Binance exchange and deposited it to leading protocol AAVE.
Later, this large holder borrowed 4 Million USDT from AAVE and deposited it to Binance, potentially to buy more LINK tokens. This acclimation highlights the whale’s confidence in LINK’s future momentum.
Historically, whale accumulation has coincided with market reversal or key breakout, indicating a dynamic moving near for chainlink price.
Bull-Flag Formation Hints at LINK Rally to $36
Since last weekend, the Chainlink price has resonated within $27 and $22.7 horizontal levels. While the consolidation followed BTC’s sideways action below $100k, the LINK coin projecting rejection candles on either side indicates no clear initiation from buyers or sellers.
However, the altcoin revealed this lateral movement as the formation of a bull-flag pattern in a 4-hour chart. Theoretically, the pattern offers a temporary breather for buyers to rebuild exhausted momentum.
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Thus, a potential breakout from the pattern overhead resistance will accelerate the buying pressure and drive a rally to $30, followed by the $36 level.
