During the past few couple of weeks, Chainlink’s price performance has done little to equip investors with sharpness into its near-term forecast, as it has mainly been concentrating between lows of $7.50 and highs of $11.00.
The cryptocurrency has seen some unusual momentum during the past 24-hours, but it is grappling to push higher as it begins advancing the considerable resistance that sits at $11.00.
It has been refused here on multiple occasions over the past month, with each one catalyzing far-reaching selloffs that damage its market structure.
Even if the experts are split into whether LINK’s continuing upswing will differ from those seen in recent weeks, one on-chain trend is undoubtedly bullish for the cryptocurrency’s outlook.
One analytics firm described in a new tweet that data shows whales have accumulated massive amounts of Chainlink.
This shows that big investors are confident in their near-term outlook and may also continue contributing the token with significant buying pressure to lift it higher.
Chainlink Nears Key Resistance Level as Momentum Stalls
As a result, Chainlink’s dive to its recent lows of $7.50, the cryptocurrency has been quickly climbing higher, reaching monthly highs of just under $11.00 earlier today.
At the time of this writing, Chainlink is trading down slightly from these highs at its current price of $10.89. This is about where it has been trading during the past couple of days.
To date, each visit to $11.000 over the past month has catalyzed strong rejections. Unless Bitcoin makes a severe push higher that carries the entire market with it, it is unlikely that this will change anytime soon.
On-Chain Metrics Show Whales are Rapidly Accumulating LINK
One analytics firm explained in a recent tweet that data points to a significant accumulation trend amongst large LINK wallets.
They note that this indicates large buyers are still confident in Chainlink’s outlook, despite the 50% decline from its recent highs.
This trend suggests that a severe upside could be in store for LINK, but it must first shatter the selling pressure at $11.00.