During Friday’s market session, the Chainlink price recorded a sharp 8.51% jump to currently trading at $25.1. The buying pressure followed Bitcoin’s attempt to gain a sustained position above $100k psychological level. While the altcoin market is steadily gaining bullish momentum, the LINK coin shows potential for a major breakout amid institutional buying.
According to Coingecko, the global crypto market cap is at $3.86 Trillion, with an intraday gain of 0.8%. Meanwhile, the 24-hour trading volume is at $393 Billion.
Key Highlights:
- A pennant pattern formation hints at a temporary pullback in Chainlink price before the next breakout.
- The coin price trading above a 4-hour exponential moving average (20, 50, 100, and 200) indicates an intact high-momentum rally,
- The LINK buyers could witness an overhead supply pressure at $26.9 followed by $30 levels.
BlockTower Capital Bets Big on LINK Token
BlockTower Capital, a prominent crypto investment firm, recently executed a significant acquisition of Chainlink (LINK) tokens, signaling growing institutional interest in the asset. According to on-chain data, the firm purchased 144,799 LINK tokens, valued at approximately $3.44 million, at an average price of $23.8 per token.
The transaction was facilitated through three major crypto brokerage platforms: B2C2, Wintermute, and Galaxy Digital. This move underscores a potential strategic bet on LINK’s utility and growth potential amid a bullish market.
BlockTower Capital 应该是购入了 $LINK ：
他们在 3 小时前从 B2C2、Wintermute、Galaxy Digital 等三家加密经纪平台收到 144,799 枚 LINK ($3.44M)，价格 $23.8。https://t.co/8yZdGVFU9L本文由 #Bitget｜@Bitget_zh 赞助 pic.twitter.com/NymWWJptKY
— 余烬 (@EmberCN) December 6, 2024
Typically, the large holders’ buying has resulted in the major market bottom and a precursor for a key breakout. Thus, the chainlink price shows the potential to prolong its prevailing uptrend.
Chainlink Price Eyes $40 as Pennant Pattern Signals Bullish Breakout
Amid the Bitcoin price struggle to sustain above the $100k level, the Chainlink price witnessed highlighted volatility. This uncertainty led to a short consolidation below $27 resistance, where the price resonated strictly within two converging trendlines.
An analysis of the 4-hour chart shows the narrowing sideways action as a formation of a pennant pattern. The chart setup is often spotted in an established uptrend, providing a short breather for buyers to regain their exhausted buying momentum.
Currently trading at $25.5, the LINK price teases an upside breakout from the overhead resistance trendline. If the pattern holds true, the buyers could drive a 60% surge to hit the $40 level.