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.
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.
After all, whale buying unlocks the potential for significant supply withdrawals over multi-week time frames that allow prices to sustain upward progress.
With fundamentals and technical alignment backing its bull case, Chainlink looks poised to scale fresh heights and mint new LINK millionaires should favorable macro and momentum conditions persist.