Chainlink Price Eyes $28 Breakout on Institutional Accumulation
Chainlink (LINK) is showing signs of renewed bullish momentum as buyers attempt to regain control following a prolonged consolidation phase, according to the Rand Group. The crypto analyst Nazoku highlighted that Bitwise's ETF has continued to accumulate LINK tokens, with its latest purchase totaling $1.85 million in market value.
The current price of LINK is hovering around $12.06, and if it manages to recover the $12.50 resistance level, there is a possibility that it can go up towards the $20 level or even further to reach the $28 mark, according to technical analysis.
Bitwise's ETF has purchased over 727,170 LINK tokens in the last week with an average entry price of $7.585 per token, yielding more than 50% unrealized gains so far. This institutional accumulation is expected to further strengthen confidence in Chainlink and its long-term bullish outlook.