Technical analysis

Chainlink-The Next 100xGem Altcoin, This is Where LINK Price May Reach by the End of Q1 2023

The past weekend appeared more fruitful as the Bitcoin price soared beyond $28,000, uplifting the entire crypto space. Although star crypto is undergoing a minor correction, the resurgence of a strong bullish trend still prevails.

In the meantime, the traders have shifted their focus to one of the top altcoins, Chainlink. The LINK price has surged by more than 25% in the past week, which flashes the possibility of becoming one of the top 100x gems in the near future.

As the price of the altcoin is gaining momentum, the whales smelt the impending upswing. Therefore, a rise in the new address is witnessed, accumulating more than 2 million LINK tokens worth more than $18.5 million. 

These 30 addresses are holding huge amounts of LINK, which may refer to the whales, who hold nearly 1% of the entire circulating supply. A healthy whale accumulation is considered a bullish indicator that signals the upcoming bullish trend. Therefore, it may compel the market participants to jump in and accumulate more. 

The LINK price has been consolidating hard within a pre-determined range for quite some time, and with a recent rebound, it is believed the price will rise beyond the interim highs of $7.89. The RSI is rising and is expected to surge beyond $9 as the buying volume has accumulated heavily. 

Collectively, Chainlink, which is called the oracle of the blockchains, indicates to become one of 100x gems within the crypto space. The upcoming upswing may raise the price beyond a 2-digit figure that it has failed to do so in the past 10 months. 


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