Chainlink (LINK) Primed for a Bull Run as Whales Accumulate $77M Worth of Tokens

Chainlink has been witnessing a beehive of activities thanks to a significant buying spree from whales after acquiring more than 6.2 million LINK

Chainlink (LINK) has seen a surge in activity as whales have been on a buying spree, acquiring over 6.2 million LINK, valued at approximately $76.88 million, within the last seven days.

This buying activity suggests that whales are employing the “buy-the-dip” strategy, considering the recent selling pressure encountered by the crypto market.

Renowned market analyst Ali Martinez highlighted this development in the Chainlink network, indicating a bullish signal for the 17th-largest cryptocurrency by market capitalization.

Chainlink, renowned for its role in developing decentralized oracle networks (DONs), has maintained a strong presence among the top 20 cryptocurrencies by market value.

This has drawn the attention of whales, with indicators suggesting that the altcoin is preparing for an uptrend.

Top crypto analyst Michael van de Poppe stated, “LINK has been getting a seasonal pattern of finding bottoms in June of every year. Very likely, it’s having the same bottoming procedure in 2024 and will start to crawl upwards from here.”

Considering Chainlink’s entry into oversold territory and its weekly relative strength index (RSI) reaching the lowest point since August last year, it is likely that LINK is experiencing an uptrend.

Additionally, the MVRV 30-day Ratio is presenting a bullish outlook for Chainlink.

At the time of writing, Chainlink was trading within the $12.38 zone, according to CoinGecko.

The above is the detailed content of Chainlink (LINK) Primed for a Bull Run as Whales Accumulate $77M Worth of Tokens. For more information, please follow other related articles on the PHP Chinese website!