highlighted<\/a> this in a recent tweet, stating:\u00a0\u201cChainlink\u2019s key shark tier that holds between 10K-100K LINK has been on an accumulation spree.\u201d<\/p>\nDiving deeper into the data, there are now 3,127 wallets holding between 10,000-100,000 LINK, marking the highest level since December 3, 2022. These wallets have added a staggering $9.6 million worth of LINK in just three days. Since September 3rd, there\u2019s been a 3.2% rise in the number of wallets in this category, with 98 new wallets emerging. This group has accumulated 0.154% of the entire LINK supply in the same period.<\/p>\n
However, Chainlink\u2019s journey hasn\u2019t been entirely smooth. The token has been ensnared in a sideways range for an exhausting 485 days, which is over 15 months. The LINK\/BTC pair has been on a downward trajectory for more than three years.<\/p>\n
Chainlink\u2019s much-anticipated release of the Cross-Chain Interoperability Protocol (CCIP) was met with significant hype. Yet, despite its potential to revolutionize cross-chain communication, its release didn\u2019t provide the expected boost to LINK\u2019s price.<\/p>\n
Also the news that a tokenization experiment by interbank messaging system Swift and Chainlink successfully transferred value across multiple blockchains could not move price substantially. In June Chainlink and Swift announced that they would be collaborating with dozens of financial institutions such as BNP Paribas, BNY Mellon, The Depository Trust & Clearing Corporation and Lloyds Banking Group and others.<\/p>\n
However, the upcoming Chainlink\u2019s SmartCon in October from October 2nd to 3rd might be the catalyst the token needs. Rumors are rife about a potential major announcement between Swift and Chainlink Labs, which could connect web3 infrastructure to the banks involved in previous tests.<\/p>\n
If history is any indication, Chainlink could experience a surge in price leading up to the event, driven by the euphoria and speculation. \u201cUptober\u201d could come early for the Chainlink price.<\/p>\n
LINK Technical Analysis<\/h2>\n
The recent 11% surge in LINK\u2019s price suggests that the market might already be reacting to the upcoming hype. However, the 4-hour chart indicates a rejection at the 23.6% Fibonacci retracement level at $6.37, which aligns closely with the 200 EMA at $6.40. For LINK to sustain its upward trajectory, it\u2019s imperative to breach this level, with the next significant target being the 50% Fibonacci retracement level at $7.08.<\/p>\n
The 1-week chart paints a picture of LINK\u2019s prolonged downtrend. The recent hold above the 23.6% Fibonacci retracement level at $5.92 is a positive sign for the bulls, potentially paving the way for another try on the upper trendline of the downtrend channel.<\/p>\n
However, several difficult challenges lie ahead. The 50% Fibonacci retracement level at $7.20 is the first major resistance. If LINK can push past this, a breakout from the 15-month downtrend channel becomes possible.\u00a0For this to happen, Chainlink would need to break above the $8.30-$8.40 area as it currently stands, and would then encounter the 78.6% Fibonacci retracement level at $8.58. Large selling pressure can be expected at this point.<\/p>\n
Should LINK falter at this juncture, a return to the downtrend channel is likely. Conversely, if the $8.58 mark is surpassed, it would signal a significant win for the bulls, potentially setting LINK on a path to challenge its 15-month high at $9.61.<\/p>\n
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