This summary text is fully AI-generated and may therefore contain errors or be incomplete.
Chainlink’s price has experienced a significant rebound of over 240% from its yearly low in June 2023. Technical indicators suggest that the price may continue to rise in the coming days and weeks. The current price movement resembles an ascending triangle pattern, which is a bullish continuation pattern during an uptrend. If the price breaks above the upper trendline, it could reach a target of over $19.50, representing a 20% increase from the current levels. Another factor supporting the potential rally is the decreasing supply of Chainlink tokens on crypto exchanges. The supply has dropped by 19% since its peak in August 2023, indicating that traders prefer holding onto LINK tokens rather than selling them for other assets. This suggests that the demand for Chainlink remains strong, which could contribute to its continued upward movement.Furthermore, data shows that the top 200 whale addresses of Chainlink have accumulated $50 million worth of LINK tokens since November. This accumulation aligns with a 50% increase in LINK’s market valuation, indicating that these top holders believe the token’s value will continue to rise.It is important to note that this article does not provide investment advice or recommendations. Readers should conduct their own research and exercise caution when making investment decisions.