Breaking: Chainlink (LINK) Whales Awake After 8 Months, Rally Ahead?

Chainlink (LINK) News: After months of flirting with the local support area, Chainlink (LINK) finally appears well placed to break it with the entry of whales. This comes amid encouraging rallies for several altcoins as Bitcoin (BTC) price is at an eight month high range currently.

Timeline of Chainlink

A bullish trend can be seen in the most recent Chainlink price analysis because there has been an increase in price over the past 24 hours. The price has increased dramatically over the last few days as a result of the market's recent optimistic trend.

Chainlink News: Ethereum based blockchain network Chainlink's LINK token failed to breach the key resistance at $9.40 level in the last 8 months. This is despite a major relief rally since January 2023 in Bitcoin (BTC) and many other altcoins.

Recent Chainlink price analysis is in bullish sentiment as the LINK price surged to $8.15 after experiencing a minor dip near $7.53, which is its immediate support level. The bullish have been in control since the LINK/USD pair broke past the resistance level of $8.22 on February 17th.

After gobbling up nearly $900 million worth of Shiba Inu (SHIB) and Polygon (MATIC), crypto whales now have their eyes on two other altcoins running on the Ethereum (ETH) blockchain. Blockchain-tracking service WhaleStats reveals that the largest 1,000 Ethereum whales have accumulated more than $671 million worth of SHIB and $210 million worth of MATIC.

Another week of 2023 is in the rearview mirror and the bulls have emerged victorious once again. LINK holders are ecstatic after the rally that the coin has delivered since mid-February.

Chainlink (LINK) is a decentralized oracle network that connects smart contracts on blockchain platforms to real-world data. The network enables smart contracts to access off-chain resources, such as data from APIs and web pages, which makes it possible for them to interact with the real world.

Chainlink price analysis shows a strong upward trend for today as the coin has surged by over 6.81 percent in the last 24 hours. The bullish rally has pushed the coin to a new all-time high of $7.66, surpassing its previous high of $7.5 reached on February 9th.

ChainLink price analysis for February 17, 2023, reveals the market following an upward movement, showing increasing momentum, signifying positivity for the LINK market. The price of ChainLink has remained bullish over the past few hours.

Chainlink price analysis shows a bearish market sentiment as LINK plummets below the $7.00 level and trades near a critical support line at $6.48. The token has seen a pullback from its weekly high of around $8.20, with buyers struggling to push it back above this resistance level.

Chainlink [LINK] adoption has been on the rise as the blockchain continues to expand its integrations. LINK recently announced multiple new integrations across four chains- Avalanche, BNB, Ethereum, and Polygon.