Chainlink (LINK) Price Surges 13.2% Weekly, Whale Activity Jumps 32.8%

Chainlink (LINK) has shown a steady price action, maintaining a bullish outlook as the token hovers around $13.34. The asset appears to be forming the final leg of its wave pattern, with a recent reaction to the 38.2% Fibonacci retracement at $12.79. This level is often regarded as a favorable zone for wave 4 to complete, according to technical analysts tracking LINK.

The projected target range for wave 5 lies between $13.89 and $14.66. The current trading level of $13.34 suggests the possibility of further movement toward this zone. During the last 24 hours, the trading volume increased by nearly 99%, reaching $372.2 million. This shows continued interest from both retail and institutional participants.

LINK registered a weekly gain of 13.2%, rebounding from a recent correction when the price dropped below $11.00. The token had reached a high of $13.84 earlier, showing that it has tested nearby resistance zones. The short-term outlook remains positive as long as LINK holds above key support levels.

Data from IntoTheBlock shows that whale transactions rose 32.8% in the past day. A total of 1.97 million LINK, worth about $26.69 million, was transacted by large holders. Over the past week, the highest whale activity reached 8.65 million LINK. Retail traders are also engaging actively, with a 63.89% jump in trading volume. However, exchange net position change remains positive, indicating ongoing inflows that may reflect profit-taking.

According to an observation by Crypto WZRD, “We need more healthy bullish daily candles from here.” The analysis added that LINK could see more upside if it holds above the daily trend line. The current price structure of LINK targets a breakout above $13.89, which could further validate the bullish sentiment surrounding the asset.

In summary, LINK's price reaction at the $12.79 Fibonacci level and the subsequent wave 5 targeting the $13.89 to $14.66 range indicate a bullish outlook for the token. The increased whale activity and trading volume further support this sentiment, suggesting that LINK may continue to move higher in the near term. However, it is important to note that the cryptocurrency market is highly volatile, and prices can change rapidly. Investors should exercise caution and conduct their own research before making any investment decisions.