Chainlink Price Breaks Above Resistance Zone as Whale Invests Heavily in Coinbase

Chainlink (LINK) has broken above its former resistance zone of $12.50-$12.65, trading at $13.45 (+1.64%) and staying above key EMAs (20-day $11.479, 50-day $10.284). These moving averages will likely serve as support in case of a pullback.

The recent price surge has also led to increased activity among traders, with shorts absorbing $1.59M (~85%) of Sunday's $1.87M in liquidations. This indicates that market sentiment is shifting in favor of the bulls.

An on-chain whale has sent a substantial amount of LINK to Coinbase, $7.6M, which brings its three-week total to $26.04M. This large transfer could be seen as a vote of confidence in the cryptocurrency's price trajectory.