LINK price is no stranger to bullish rallies, and in September alone the token has risen from a low of $5.8 to a high of $7.9. Even now, the bullish momentum among enthusiasts has not waned, especially with a 130% price increase by a crypto analyst.
LINK Price prediction before October
In the analysis posted to TradingView, pseudonymous analyst Babenski explains the reasoning behind the $18 increase shown on their chart. First, it points to the low of $5.8 recorded in mid-September, which is identified as the accumulation range.
This is not unusual considering the massive purchases took place when LINK price fell to $5.8. This accumulation was the reason behind the support generated shortly afterwards, which served as the starting point for the rally towards $8.
Despite already seeing a nice increase of 35% from the September low, the analyst sees even more upside potential. Placing the peak of the rally at $18 means that LINK price could rise another 130% if it goes as expected.
LINK rally to $18 | Source: Tradingview.com
The first roadblock is a retracement placed just above the $8 level, and LINK is already seeing a similar retracement after touching almost $8. Judging from the analyst chart, the price could fall a bit further before rising again and then shooting straight to $18.
No time frame has been added for when the LINK price would reach this price. But as September draws to a close, October-November is more likely.
The accumulation trend mentioned above is mainly caused by the LINK whales. Crypto analyst @ali_charts shared a chart on
According to Ali, these whales bought up more than 7.5 million tokens in just a few weeks, amounting to approximately $53 million spent on the purchase of LINK. Now that the LINK price has risen, these holders are seeing a profit on their purchase, which could explain the downward correction in the LINK price over the past day.
#Chain link whales have purchased more than 7.5 million $LINK in the last two weeks, worth approximately $53 million! pic.twitter.com/jlu8stIB0r
— Ali (@ali_charts) September 28, 2023
Nevertheless, the digital asset remains bullish, especially since the whales still hold more than 206 million coins. This suggests that they are not tempted to sell during the current rally and may hold at higher prices.
LINK has performed impressively so far this week. It is up 15% on the 7-day chart, making it the best performing of the top 20 cryptocurrencies by market capitalization.