- LINK reacts at $12.79 Fibonacci level, signaling potential Wave 5 move toward $14.66.
- Whale activity jumps 32.8%, with $26.69M in LINK transacted in the last 24 hours.
- LINK trading volume rises nearly 99% as price structure targets breakout above $13.89.
Chainlink (LINK) continued to show steady price action, maintaining a bullish outlook as the token hovers around $13.34. LINK appears to be working on wave 5 of its current structure. The price recently reacted well to the 38.2% Fibonacci retracement at $12.79, commonly identified as a target for wave 4.
Wave 5 Formation and Price Structure Remain Intact
Technical analysts tracking LINK believe that the asset may be forming the final leg of its wave pattern. According to analysis prepared by More Crypto Online, “There has been a good reaction to the 38.2% retracement at $12.79.” This level is often regarded as a favorable zone for wave 4 to complete.
The projected target range for wave 5 lies between $13.89 and $14.66. The current trading level of $13.34 suggests the possibility of further movement toward this zone. During the last 24 hours, the trading volume increased by nearly 99%, reaching $372.2 million. This shows continued interest from both retail and institutional participants.
LINK registered a weekly gain of 13.2%, rebounding from a recent correction when the price dropped below $11.00. The token had reached a high of $13.84 earlier, showing that it has tested nearby resistance zones. The short-term outlook remains positive as long as LINK holds above key support levels.
Whale Activity and Exchange Movements Shape Market Sentiment
Data from IntoTheBlock shows that whale transactions rose 32.8% in the past day. A total of 1.97 million LINK, worth about $26.69 million, was transacted by large holders. Over the past week, the highest whale activity reached 8.65 million LINK.
Retail traders are also engaging actively, with CoinMarketCap reporting a 63.89% jump in trading volume. However, exchange net position change remains positive, indicating ongoing inflows that may reflect profit-taking.
According to an observation by Crypto WZRD, “We need more healthy bullish daily candles from here.” The analysis added that LINK could see more upside if it holds above the daily trend line.
