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LINK Price Primed For Meteoric Rise: Analyst Predicts 130% Rally To $18
The LINK price is no stranger to bullish rallies, and in September alone, the token has gone from a low of $ 5.8 to a peak of $ 7.9. Even now, bullish momentum among enthusiasts has not waned, especially with a 130% price increase prediction from a crypto analyst.
LINK Price Prediction Ahead Of October
In the analysis posted to TradingView, pseudonymous analyst Babenski explains the reasoning behind the $ 18 surge presented in their chart. First, it points to the $ 5.8 low that was recorded back in mid-September which is identified as the accumulation range.
This is not out of the ordinary given the massive buying that took place when the LINK price fell to $ 5.8. This accumulation was the reason behind the support that was generated shortly after, which served as the lift-off point for the rally toward $ 8.
Despite already seeing a nice 35% jump from its September lows, the analyst sees further upside. Putting the peak of the rally at $ 18 means that the LINK price could rise another 130% if it plays out as expected.
The first roadblock is a retracement that was placed just above the $ 8 level, and LINK is already seeing a similar retracement after almost touching $ 8. Going by the analyst’s chart, the price could decline a bit further before picking up once more and then shooting straight to $ 18.
There is no timeframe added for when the LINK price would reach this price. But with September drawing to a close, October-November is more likely.
LINK Whales Take Initiative
The accumulation trend pointed out above has been mainly mounted by the LINK whales. Crypto analyst @ali_charts shared a chart on X (formerly Twitter) that showed that whales holding between 10,000 and 1,000 coins have been the main buyers.
According to Ali, these whales bought up more than 7.5 million tokens in a matter of weeks which translated to about $ 53 million spent buying LINK. As the LINK price has risen, these holders are seeing profit on their purchase, which could explain the downward correction in the LINK price in the last day.
#Chainlink whales have purchased over 7.5 million $ LINK in the last two weeks, worth around $ 53 million! pic.twitter.com/jlu8stIB0r
— Ali (@ali_charts) September 28, 2023
Nevertheless, the digital asset remains bullish, especially with the whales still holding more than 206 million coins. This suggests that they are not tempted to sell into the present rally and could be holding on for higher prices.
LINK has been an impressive performer so far this week. It is up 15% on the 7-day chart, making it the best performer of the top 20 cryptocurrencies by market cap.
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Curve (CRV) Is Up 20%, But This Whale May End The Run
Curve has observed gains of more than 20% in the past week, but this rally may not continue for long, as a whale has made a large move to exchanges.
Curve Has Enjoyed A Sharp Rally Over The Past Week
CRV has gone against the grain recently as it has registered some sharp bullish momentum during a period where the largest coins in the sector, like Bitcoin and Ethereum, have struggled.
Following this latest uptrend, the Curve DAO token’s price has risen above the $ 0.52 mark. Here is a chart that shows how the cryptocurrency has performed over the past month:
In the past week, CRV is up more than 20%, which makes it the best-performing coin among the top 100 cryptocurrencies by market cap. The outperformance is by quite a distance, too, as many of the assets are in the red for the period. Now, the main question on the minds of the Curve DAO token holders is: can the asset keep up its rally?
In the sharp surge a few days back, the asset had briefly managed to breach the $ 0.56 level, but the asset had quickly returned to the current level.
Since then, CRV has been moving sideways, suggesting a slowdown in the buying pressure. While the asset has continued to hold at the current levels positive, some investors may be becoming restless, like a certain whale.
CRV Whale Has Made A Sizeable Deposit To Binance Today
According to data from the cryptocurrency transaction tracker service Whale Alert, a large CRV transfer has been spotted on the Ethereum blockchain during the past day.
The transaction in question involved the movement of about 33.3 million CRVs, worth approximately $ 17.3 million at the time the transfer took place on the network.
Given the large size of the move, it’s likely that a whale entity is behind it. As for what this humongous holder may have wanted to accomplish with the transfer, the full details may reveal some context.
It would seem like the sending address in the case of this transaction was an unknown wallet, meaning that it was unattached to any known centralized platform and was likely the whale’s personal, self-custodial wallet.
The destination of the move was the Binance exchange. As one of the main reasons investors use these platforms is for selling-related purposes, there is a chance that the deposit has been made for dumping.
If this is truly the whale losing patience and taking profits at the current price level, then the Curve DAO token may observe at least a temporary pullback in the coming days.
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Crypto’s Six-Week Bleed Out: XRP And Solana Defy The Outflow Downtrend
With contrasting events in the industry, crypto investment products have witnessed a continuous outflow for the sixth week. Some altcoins demonstrate resilience in this trend, defying the broader market sentiment.
Dissecting The Crypto Outflow Trend
Crypto funds have witnessed a net outflow of $ 9 million in the past week, taking the total to roughly $ 464 million over the last ten weeks, according to Coinshares’ latest digital asset fund flow weekly report.
Relevant digital asset management players like CoinShares, Grayscale, 21Shares, Bitwise, and ProShares have felt the heat of this ongoing trend.
To put things into perspective, the outflows have cooled from the previous week’s $ 54 million, but they still extend the continuous ten-week streak of net capital movement away from these products.
A closer look into the report reveals this trend isn’t uniform across regions. Europe has somewhat resisted this wave, recording inflows of $ 16 million. James Butterfill, Research Head at CoinShares, pinpoints the regional sentiment divergence to varying reactions to the regulatory environment.
According to Butterfill, European investors see the “recent regulatory disappointment as an opportunity,” while their US counterparts have pulled out $ 14 million, possibly due to dismay over recent events.
Moreover, trading volumes in crypto funds have reflected the same caution. From exceeding $ 1 billion in the previous week, the volume plunged to $ 820 million, substantially less than the yearly average of $ 1.3 billion.
Not All Assets Feel The Pinch
Bitcoin, the flag bearer of crypto, hasn’t been immune to this trend, registering outflows for three consecutive weeks, with a dip of $ 6 million in the past week alone. Interestingly, Short-Bitcoin products, which gain when Bitcoin prices fall, have seen outflows of $ 2.8 million.
This suggests a larger narrative where investors may unwind their bearish bets on Bitcoin. According to Butterfill, this outflow signifies a reduction of 78% in those assets under management over the past 22 weeks.
Ethereum, another heavyweight in the crypto arena, has also felt the pinch, with outflows recorded for six weeks consecutively, resulting in a recent reduction of $ 2.2 million.
In contrast to the major players, XRP and Solana are bright spots in the market. This week, they registered inflows of $ 660,000 and $ 310,000, respectively. Interestingly, this isn’t the first time these two altcoins have shone amidst the gloom.
Last week, both assets witnessed significant inflows. Solana led the way with $ 700,000, followed by Cardano and XRP, which attracted inflows of $ 400,000 and $ 100,000, respectively.
While Cardano didn’t cut notable inflows this week, XRP and Solana’s positive inflows amid broader negativity suggest a selective and value-driven approach by some investors in the altcoin market, according to the report.
Meanwhile, despite their recorded upward capital movements, XRP and Solana still feel the brunt of the global crypto market downturn.
Particularly, both assets have been in red, with XRP down by 1.5% in the past day with a current price of $ 0.50 and Solana seeing a slight 0.5% upward move over the same period with a trading price of $ 19.60 at the time of writing.
Featured image from iStock, Chart from TradingView
