Chainlink （LINK） might see a significant price increase if the emerging “head and shoulders” pattern on its chart plays out as expected.
Points
- LINK price forming a “head and shoulders” pattern.
- Potential rise to $19 if the pattern plays out.
- Recent whale activity indicates bullish sentiment.
Crypto analyst Ali Martinez has identified a “head and shoulders” pattern forming on the Chainlink （LINK） price chart. This technical analysis indicator often represents a trend reversal and is usually followed by a bull run.
What is happening?
During the recent market correction, LINK’s price dropped 16% from the week’s high to $12.6. As of press time, LINK is trading at $13.65, with a 24-hour trading volume of $203,437,634, down 24%.
The “head and shoulders” pattern features a head （a lower low） between two shoulders （a lower low and a higher low）. If the neckline closes at $15, it could trigger the price to move up to $19, representing an almost 50% leap from the current price.
Whales buying dip?
According to Martinez, whales have been buying the dip, acquiring over 6.2 million LINK coins in the past week, estimated at around $76.88 million. This surge in whale activity suggests large traders expect a price rebound soon.