TLDR
- Chainlink price rebounded strongly from the $16 support zone, confirming it as a major accumulation area.
- Whales accumulated approximately 54.47 million LINK, signaling growing confidence in the token’s long-term potential.
- The price is trading within a descending channel and continues forming higher lows, suggesting a bullish continuation pattern.
- A breakout above the $19.95 resistance could trigger a rally toward $23.60 and potentially reach $27 by December.
- Exchange data showed $16.57 million in LINK outflows, indicating reduced supply and increasing upward price pressure.
Chainlink price rebounded from the $16 support zone, signaling renewed buyer interest and strengthening long-term upside potential. Large holders accumulated 54.47 million LINK, reinforcing this area as a strong on-chain support. With momentum building, analysts now forecast a possible surge toward the $27 level by December.
$16 Demand Zone Triggers Fresh Chainlink Price Momentum
Chainlink price structure rebounded sharply from $16, maintaining its consistent role as a powerful support range. This zone sparked multiple recoveries and continues to attract significant buying pressure. Strong defense from buyers here has reinforced its role as a key accumulation area.
The price remains confined within a descending channel, yet the lower boundary keeps attracting buyer interest. As accumulation rises, confidence builds among market participants expecting another rally. The support zone’s repeated defense reflects increasing conviction in the token’s recovery potential.
Whales added over 54 million LINK at this level, further cementing it as a critical support. On-chain data confirms this buying activity, which consistently aligns with local reversals. This behavior signals a calculated move from large holders anticipating further price strength.
Resistance at $19.95 May Unlock $27 Target
Chainlink price currently faces resistance at $19.95, a level with historical significance in driving earlier price surges. Each time LINK crossed this mark, momentum increased and rallies followed quickly. Therefore, this level serves as a crucial breakout threshold.
Analysts highlight a symmetrical triangle pattern tightening since 2022, pointing toward an imminent price expansion. The structure suggests consolidation, but higher lows are forming within it. This technical formation strengthens the bullish continuation outlook in the near term.
A confirmed breakout above $19.95 could lead to a retest of $23.60 before LINK potentially reaches $27. Price action shows strength, but momentum must sustain. Breaching the resistance will define the next leg of Chainlink price movement.
Exchange Outflows Confirm Reduced Selling Pressure
CoinGlass reported net outflows of $16.57 million in LINK on October 21 from exchanges. This marks one of the most significant daily outflows in recent weeks. Such movements reflect declining selling pressure and reduced token availability on trading platforms.
As liquidity tightens, upward pressure on Chainlink price typically increases, supporting continued bullish momentum. Exchange withdrawals often precede rallies during accumulation phases. Combined with whale accumulation, this trend supports a synchronized path toward higher price levels.
