Chainlink (LINK) Price Prediction: LINK Price Trend Shows a Bullish Reversal Rally

The LINK price trend shows a bullish reversal rally. The bullish revival marks an end of correction with a trendline break.

Chainlink (CRYPTO: LINK) whales have been accumulating the altcoin heavily in recent weeks. According to a tweet by crypto analyst @ali_charts, Chainlink whales have purchased over 10 million LINK tokens in the last two weeks, which is valued at approximately $140 million at current market prices.

Chainlink Whales Buy Over $120 Million Worth Of Token

This large-scale accumulation by Chainlink whales is a significant development, as it suggests that they are bullish on the long-term prospects of the altcoin. Chainlink whales typically accumulate tokens during periods of weakness in the market, with the intention of holding them for extended periods of time.

The buying activity by Chainlink whales comes at a time when the crypto market is showing signs of recovery from the recent sell-off. Bitcoin (CRYPTO: BTC) and Ethereum (CRYPTO: ETH) prices have both rebounded strongly in recent weeks, and altcoins such as Chainlink have also benefited from this broader market upswing.

Chainlink Price Action

Chainlink prices have risen by 16% in four days, despite taking an intraday hit of 2.14% today. As it trades at $14.095, the altcoin reveals a potential bull run to hit the $20 in the coming weeks.

Breaking the streak of four bullish candles on a high note of a 7% jump, sideline traders watch Chainlink carefully. So, will the bullish engulfing candle reinstate the bull run to $20? For a long-term view, check out our LINK price prediction.

Chainlink Price Analysis

The LINK price trend shows a bullish reversal rally. The bullish revival marks an end of correction with a trendline break. An uptrend continuation could surpass the $21 peak.

With a bullish revival in the altcoins, the Chainlink token reflects a high momentum reversal rally. The LINK token price has increased by 13.73% in the last five days and tests the $14.50 neckline.

Moreover, the LINK price action reveals a trendline breakout rally gaining momentum. However, the intraday drop warns of a retest phase of the broken resistance trendline.

Chainlink Price Analysis: Double Bottom Breakout

The Chainlink price shows a double-bottom reversal from the $12.242 support zone. The price jump accounts for a 13.73% rise in the last five days and tests the $14.74 neckline.

The breakout rally is gaining momentum as the price action tests the broken resistance trendline. However, the intraday drop could lead to a retest phase of the trendline breakout.

On the other hand, the Chainlink price⬆️ could continue the uptrend, aiming for the $16.75 supply zone. Crossing this zone could open up Chainlink prices for a bull run to hit the $20 in the coming weeks.

Chainlink Price Analysis: Four-Hour Time Frame

The four-hour Chainlink technical analysis shows a bullish engulfing candle after a trendline breakout. The breakout rally is gaining momentum as the price action tests the broken resistance trendline.

However, the intraday drop warns of a retest phase of the broken resistance trendline. A four-hour candle closing below the trendline could invalidate the breakout setup.

On the other hand, the Chainlink price⬆️ could continue the uptrend, aiming for the $16.75 supply zone. Crossing this zone could open up Chainlink prices for a bull run to hit the $20 in the coming weeks.

Chainlink Price Analysis: A Long-Term View

Chainlink prices have been trading within a descending channel since April 2022. The token price⬆️ dropped to the lower trendline of the channel in mid-June, coinciding with a support zone between $6.8 and $7.

From there, Chainlink began a strong recovery, eventually breaking out of the descending channel in early August. The token price⬆️ then rallied to a high of $12.24 in late August before pulling back once again.

Chainlink has since been consolidating within a range between $12.24 and $14.50. The token price⬆️ has now broken out of this range with a four-hour bullish engulfing candle, suggesting that another leg up could be in the cards.

If Chainlink can sustain its momentum, the token price⬆️ could next target the $16.75 supply zone. Crossing this zone could open up Chainlink prices for a bull run to hit the $20 in the coming weeks.

Chainlink Price Analysis: RSI, MACD

Positive Crossovers, Momentum Indicators Bolster Bull Run Possibility

The daily Chainlink technical analysis showcases a bullish revival as the crypto market bounces back. The LINK price shows a double-bottom reversal from the $12

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