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.
In a fresh move highlighting crypto’s rising momentum in traditional finance, 21Shares has set its sights on launching a Dogecoin-backed exchange-traded fund (ETF) in the United States.
Reports of ProShares’ XRP futures ETFs launching on April 30 have turned out to be premature.
Virtual Protocol, a project focused on decentralized AI agents, is capturing attention as activity across its ecosystem explodes and its native token, VIRTUAL, stages a massive price rally.
Solana (SOL) continues to impress with steady gains, trading firmly above $150 and extending its winning streak into a fourth consecutive week.