The LINK price is no stranger to bullish rallies, with the token rising from a low of $5.8 to a high of $7.9 in September alone. Even now, the bullish momentum among enthusiasts has not abated, with cryptocurrency analysts predicting a 130% price increase.
LINK price prediction ahead of October
In an analysis published on TradingView, anonymous analyst Babenski explains the reasons for the $18 surge seen on the chart. First, it represents the low of $5.8 recorded in mid-September, confirmed by the cumulative range.
This is not unusual, considering that large purchases occurred when LINK price fell to $5.8. This accumulation was responsible for the support that was soon created, which served as the takeoff point for the rally towards $8.
Despite already being up 35% from September lows, analysts see room for further upside. Setting the peak of the rally at $18 means that LINK price could rise another 130% if things proceed as expected.
LINK rally to $18 | Source: Tradingview.com
The first hurdle is the retracement located just above $8, and LINK is already seeing a similar retracement after touching almost $8. According to the analyst’s chart, the price could fall a little further before rebounding once again and then soaring straight to $18.
There will be no additional period during which the LINK price reaches this price. But as September comes to an end, it’s more likely that it will be October or November.
The accumulation trend pointed out above was mainly driven by LINK whales. Crypto analyst @ali_charts shared a chart on
According to Ali, these whales purchased over 7.5 million tokens in a matter of weeks, totaling approximately $53 million in LINK purchases. As LINK price rises, these holders are benefiting from their purchases, which could explain why LINK price has been adjusted downwards in the past days.
#Chainlink More than 7.5 million whales were purchased. $LINK It was worth about $53 million in the last two weeks! pic.twitter.com/jlu8stIB0r
— Ali (@ali_charts) September 28, 2023
Nonetheless, digital assets remain bullish, especially with whales still holding over 206 million coins. This suggests that they may not be tempted to sell on the current rally and may hold on to higher prices.
LINK has had an impressive performance so far this week. It rose 15% on the 7-day chart, making it the best performer among the top 20 cryptocurrencies by market capitalization.