Chainlink Price Forecast: LINK will aim for new all-time highs if it holds this critical level

• Chainlink price must stay above a key support level for a chance to new all-time highs.
• The digital asset faces weak resistance ahead according to various metrics.
• Whales have been accumulating a lot of LINK tokens in the past several days.

Chainlink price had a significant rebound from a low of $22.8, currently trading at $29.4. According to various on-chain metrics and indicators, LINK could be poised to see new all-time highs soon.

Chainlink price on the verge of a massive breakout

In the past week, the number of whales accumulating LINK tokens has significantly increased. Around three large holders with 1,000,000 to 10,000,000 coins have joined the network since February 23.

LINK Holders Distribution

Similarly, the number of whales holding between 100,000 and 1,000,000 coins also increased from 259 to 268 currently. This fact seems to indicate that investors are really interested in the digital asset at current prices.

LINK/USD 12-hour chart

On the 12-hour chart, Chainlink price has just reclaimed the 50-SMA support level and aims for new all-time highs as long as the bulls can hold this key level.

LINK IOMAP chart

According to the In/Out of the Money Around Price (IOMAP) chart, there is practically no significant resistance above. The most important barrier is located between $29.30 and $30.17, which means that a breakout above this point should push LINK to new all-time highs. 

On the other hand, losing the key 50-SMA support level on the 12-hour chart would drive Chainlink price down to $25.5 at the 100-SMA level.