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.
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.
Binance, one of the largest cryptocurrency exchanges globally, is enchancing its Spot trading platform by introducing new trading pairs and Trading Bot services.
The crypto market constantly sees new assets emerge, but not all make a lasting impact. Some coins slowly gain value, while others quickly lose momentum.
A prominent crypto analyst, known as Cheds, has issued a warning about Dogecoin’s (DOGE) potential decline amid the ongoing market correction.
Crypto analyst Ali Martinez has raised concerns about a potential downturn for XRP and three other altcoins, warning that they may experience a sudden drop.