Whales Accumulate Chainlink Amid Potential Price Drop

An on-chain analyst has noted a significant increase in investments by large-scale crypto investors in an Ethereum-based altcoin.

Ali Martinez observed that these investors have acquired a substantial amount of Chainlink (LINK) over the past week, with their purchases totaling around $76.88 million, equating to over 6.2 million LINK.

#Chainlink whales have snapped up over 6.2 million $LINK this past week, totaling approximately $76.88 million! pic.twitter.com/Hats1Nmsny

— Ali (@ali_charts) July 8, 2024

Earlier, Martinez had highlighted that Chainlink might be experiencing a downturn following a head-and-shoulders pattern after it fell below the $12 support level. This pattern often indicates a potential for further price drops.

Be careful with #Chainlink! The recent upswing to $13 could have been a retest of the head-and-shoulders pattern’s neckline. https://t.co/rMxsMsOtzp

— Ali (@ali_charts) July 7, 2024

Currently, with LINK hovering slightly above $13, Martinez cautions that the altcoin may be turning a previous support level into a new resistance. The recent rise to $13 might have been a retest of this critical level.

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According to Martinez’s analysis, there is a possibility that LINK could decline to approximately $6.80, representing a potential drop of nearly 50% from its current trading price.

Alexander Stefanov

With over 8 years of experience in the cryptocurrency and blockchain industry, Alexander is a seasoned content creator and market analyst dedicated to making digital assets more accessible and understandable. He specializes in breaking down complex crypto trends, analyzing market movements, and producing insightful content aimed at educating both newcomers and seasoned investors. Alexander has built a reputation for delivering timely and accurate analysis, while keeping a close eye on regulatory developments, emerging technologies, and macroeconomic trends that shape the future of digital finance. His work is rooted in a passion for innovation and a firm belief that widespread education is key to accelerating global crypto adoption.