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Chainlink (LINK) Hits 3-Month High Price: What's Driving This Rally?
Chainlink
LINKUSD
rose 15.27% over the past week to reach an intraday high of $10.6, marking its highest price in over three months.
Currently, this crypto asset is trading at $10.48, up 6.38% in the last 24 hours. This rally coincides with a decrease in LINK reserves on exchanges and a surge in social media discussions.
Why Is Chainlink Price Rising?
According to Santiment, about 13.5 million LINK or approximately 10.5% of the total LINK coins on exchanges have been withdrawn in the past five weeks, indicating accumulation. Social volume also surged to a three-month high, suggesting that new trader interest is increasing while sell liquidity diminishes.
“Crypto assets with the 15th largest market capitalization experienced a spike in social media discussions this week, which likely contributed to this mini breakout,” the post stated.
Whale holdings also reinforce this accumulation trend. Wallets holding between 1 million and 10 million LINK increased their holdings from 265.02 million to 288.04 million LINK over the past 30 days. That’s an addition of 23 million tokens, or about 8.7%.
Wallets with 100,000 to 1 million LINK also added 9.83 million coins. Their balances increased from 163.08 million to 172.91 million tokens during the same period.
In total, these two wallet groups absorbed approximately 32.85 million LINK in just one month. Their holdings grew by 7.7%, reflecting buying confidence from large-cap wallets.
LINK Outlook Still Bullish
Some traders see potential for further gains from the current breakout zone. Trader Quinten Francois highlighted this altcoin’s breakout from a long-term pennant pattern in a post on X.
Trader Clifton commented that the daily chart of LINK forms a descending broadening wedge pattern. He mentioned a target calculation indicating a potential increase of 100% to 150% from the breakout zone.
“A strong breakout above the upper trendline of this wedge, supported by increasing momentum candles and volume, could trigger a significant bullish rally. The target calculation suggests a potential rise of 100-150% from the breakout zone,” the analyst wrote.