Chainlink Price Prediction: Ether Whales transact with LINK as price tags key support

Saif Naqvi
Source: Pixabay

Chainlink’s price was trading at key support following a relief rally between 24-27 February and a subsequent correction on Sunday. The 4-hour indicators were supportive of a bullish reversal but investors must wait for a bearish crossover to play out on the MACD. Chainlink traded at $13.5, down by 4% over the last 24 hours at the time of writing.

Chainlink 4-hour Time Frame

Source: TradingView

A rebuilding stage was ongoing for Chainlink after the price slipped to a yearly low on 24 February. The decline dragged LINK below its demand zone off $14.9-$13.5 for the first time in seven months as part of a larger sell-off in the broader market. A 30% rally deep into the last week of February provided some relief but the price was unable to advance beyond the 23.6% Fibonacci level and daily 20-SMA (not shown).

Investors must now observe whether or not Chainlink can reset within its demand zone and embark on a fresh uptrend. Although demand zones contain higher chances of a bullish rebound, one can wait for the 4-hour metrics to develop clear green signals before taking up long positions.

The RSI got in an early position to re-challenge sellers at 50. The momentum oscillator stayed pat at 45, preventing bearish control for the moment. The SuperTrend Indicator maintained a bullish outlook but placed a tight stop-loss at $13. On the flip side, LINK’s troubles could be compounded by a sell signal on the MACD. A bearish crossover was in force as the Signal line (orange) crossed above the Fast-Moving line (blue).

Since LINK’s indicators were not in conformity, two situations were entertained going forward. In a bullish outcome, investors can expect LINK to make way to 16 February’s swing high of $16 after overcoming sellers at the 23.6% Fibonacci level. The region’s confluence with the daily 50-SMA (not shown) might restrict LINK’s rally till Bitcoin makes headway above $40K.

Conversely, LINK can make a run down to $11.4 support if sellers make bust open LINK’s defenses. Additional areas of defense stood at $10.7 and $8.7.

ETH Whales Bullish on Chainlink?

Ethereum whales were transacting with LINK tokens regardless of the current market dynamics. The alt featured both in the top 10 holdings and the most used smart contracts by the top 1000 Ethereum wallets in a 24-hour window. Interestingly, an Ethereum whale purchased slightly over $4 Million worth of LINK on 25 February, a day after LINK fell to a 1-year low.


Chainlink readied for the next upwards run after shifting back within its demand zone. ETH whales also underpinned LINK for a favorable outlook. However, bearish forces were active at there were chances for a downside move should a 4-hour candle develop below $13.4-$13.