- Chainlink whales have acquired over 4 million LINK, worth $24 million.
- LINK’s price rose from $5.740 to $6.469, gaining over 12%.
- LINK is currently trading at $6.114, showing a bullish reversal.
Ali, a leading cryptocurrency expert, has reported that Chainlink
The most recent surge commenced on August 31, following LINK’s rebound from the support level set on June 23, 2023. The native token of the decentralized Oracle network consistently rose from $5.740 to $6.469 before entering a consolidation phase, achieving a gain of over 12% during this period.
The last time LINK rebounded from the $5.740 price zone, it surged almost 50%. This surge continued a previous rally from a lower support level of $4.992. The rally sustained for approximately four weeks, culminating on July 23 when LINK’s price hit a local peak of $8.440.
Ali’s post reveals that Chainlink whales have once again sparked a bullish trend by buying substantial quantities of the cryptocurrency. However, there’s no evidence to suggest that this trend will persist. As previously stated, LINK has met with some resistance following a seven-day rally, leading to price consolidation.
Lucian, a respondent to Ali’s post, expressed skepticism about the rally’s longevity and the motives of the whales. He inquired whether the whales have begun offloading their LINK tokens while the community believes they are purchasing. Another respondent, Aman, indicated his optimistic outlook on LINK. However, he also suggested that the price might decrease further, offering LINK purchasers a more advantageous entry point.
At the time of writing, LINK was trading at $6.114, following an attempt to continue its upward trend. It establishes a bullish reversal on the daily chart, rebounding from the mid-term support level of $5.963.
