Chainlink Price News: There has been speculation about Chainlink ($LINK) breaking out of local resistance area amid entry of whales after long time. While most altcoins gained significant values since the beginning of 2023, Chainlink (LINK) price is yet to see real bullish scenario. The cryptocurrency is sitting below the local resistance area since as 10 months now. The recent momentum in trading volume and whale accumulation gives hope of a breakout finally.
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In an interesting development earlier in the week, Chainlink whales made huge transfers, moving assets which were dead for around eight months. Whale movement is generally a big signal to potential upside price movement in the short term.
Breakout Sooner Or Later?
Despite significant recoveries in the crypto market, Chainlink continues to follow sideways path with little upside. Hence, a short rally for the cryptocurrency could likely push it past the resistance level, after which there could be significant price rise. Popular crypto trader Michaël van de Poppe is expecting a continuation of the LINK upward curve to reach the $10 level. Compared to the LINK price three months ago, the cryptocurrency grew by around 15% in value. During the same period, Bitcoin (BTC) price rose by more than 50%, sending bullish signals to push altcoin prices.
Price is currently still stuck in a 300-day accumulation range.
I'm expecting this to start resolving to the upside sooner rather than later.
Depending on your risk appetite, this probably is one of the safest $ALTS out there at the moment. pic.twitter.com/2wqJobefjV
— Lenny (@TraderLenny) February 23, 2023
Other traders think that at the current range Chainlink could be a very safe bet to invest in among all altcoins. With a total market cap of $3.95 billion currently, Chainlink is ranked 20 among all coins based on market size.
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