Chainlink (LINK) had quite a lucrative year in 2023. From Jan. 1, 2023, to Jan. 2, 2024, the token’s price surged by over 167%. Moreover, the asset has rallied by 4.5% in the last 24 hours and 9% in the 14-day charts. However, LINK is still down by 2.2% over the previous month.
However, things might not be over for Chainlink (LINK) yet. According to renowned crypto analyst “Ali Charts,” LINK shows signs of a bull pennant formation. The analyst says if the token can close above $17.2, it could lead to a price breakout. If successful, the analyst says Chainlink could propel toward $34, a rise of over 110%.
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However, the analyst has asked investors to watch the $14.2 level. He warns that a fall below $14.2 could invalidate the bullish outlook for the token.
Ali Charts highlighted the growing whale purchase for LINK in the last week of December. According to the analyst, whales purchased around seven million LINK tokens worth over $105 million. The significant purchase suggests that investor confidence in LINK is growing.
Chainlink’s (LINK) rally towards the end of 2023 could be due to the massive whale purchases. Moreover, this trend may continue in 2024.
Will Chainlink reclaim its all-time high of $52.70?
Chainlink (LINK) is currently down by almost 70% from its all-time high of $59.70, which it attained in May 2021, about 2-and-a-half years ago. However, there is a chance that the token will reclaim its previous high, given that there is a bull run for the cryptocurrency market.
Many analysts have said the crypto market could enter a bull run in 2024, fuelled by a possible spot Bitcoin (BTC) ETF (Exchange Traded Fund) approval and BTC’s halving event in April. BTC has also recently surpassed the $45k mark for the first time since March 2022. All signs point towards a market rally sometime this year.
If we enter another 2021-like bull run, Chainlink (LINK) and other significant crypto projects could reclaim and surpass their previous all-time highs.