Chainlink Whales Gather 40 Million Dollars Worth of LINK in a Week – What Could Be the Next Move?

Crypto News– Following a robust surge at the beginning of the month, the Chainlink price has recently undergone a mild retracement, encountering some downward price swings. As of the latest update, the Chainlink price is hovering just below the $7.50 mark, finding support above the long-term macro trend.

Chainlink Whales Gather 40 Million Dollars Worth of LINK in a Week – What Could Be the Next Move?

What’s intriguing, despite the bearish sentiment in the market, is the notable accumulation by Chainlink whales in the past week.

According to on-chain data provider Santiment, the current price of Chainlink stands at $7.51, reflecting an impressive 30% increase over the last five weeks. During this period, wallets holding 100,000 to 1,000,000 $LINK tokens have been actively accumulating, amassing a total of $38.5 million worth of coins in just the past week. These substantial accumulations by larger holders carry more weight in the market than the profit-taking activities of smaller retail traders.

Conversely, when we examine the on-chain transaction volume, it becomes apparent that retail investors have been consistently trying to capitalize on favorable market conditions. Whenever the Chainlink price experiences an upswing, these retail investors tend to respond swiftly by transferring their coins. This dynamic interplay between larger holders and retail traders adds an interesting dimension to the current market dynamics, and it remains to be seen how it will influence the future trajectory of Chainlink’s price.

The LINK Price Action

With the current price of Chainlink standing at $7.56, it has observed a modest 2% increase in the past 24 hours, rebounding from a 5.3% dip. Notably, the coin has managed to secure a foothold at the $7.40 level, preventing a slide towards $7.00, where the 50-day Exponential Moving Average (EMA) is situated. Sustaining this support is of utmost importance for LINK’s potential recovery, aiming for the $8.01 mark.

As things stand, Chainlink is only 13% away from its year-to-date high of $8.58. To make headway toward this peak, a sequence of positive candlestick patterns is required. In this endeavor, the Relative Strength Index (RSI) provides a helping hand.

It has bounced back from the neutral line at 50.0, signifying the presence of bullish momentum in the market. This resurgence in the RSI hints at the potential for further upward movement for Chainlink in the near future.