Chainlink Could Hit $26 Soon; 47 Fresh Wallets Accumulate LINK

Chainlink (LINK) registered commanding gains this week, surging nearly 30% before meeting stiff resistance around the $19.50 level. Still, according to an analysis by crypto trader Ali, conquering that supply hurdle opens the door towards significantly more upside for the Oracle network’s cryptocurrency.

In a recent tweet, Ali highlighted a critical band of resistance between $19.40 and $20 where over 5,330 addresses hold a combined 8.59 million LINK—representing a substantial concentration of potentially sellable tokens at current prices.  

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Will LINK hit $26?

However, should demand overwhelm that wall of overhead LINK and allow prices to decisively break out above $20, Ali spied a relatively clear surge for a continued rally towards LINK’s next resistance zone around $26. This represents a 38% potential upside from the breach point.

However, LINK claiming such ambitious medium-term targets first requires bulls to stay on course at current levels. And on that front, data from on-chain analytics provider Lookonchain seems promising. Their latest tweet indicates large players aggressively continue stockpiling LINK on dips with nearly $42.38 million worth, leaving Binance for new wallets over just two days this week.

Also read: Chainlink Could Hit $30 Soon, Here’s What Triggered LINK Price Surge