Crypto News- Chainlink Whales; As per a prominent cryptocurrency analyst known as Ali, have made substantial acquisitions of over 4 million LINK tokens within the past ten days, amassing an impressive total of $24 million.
Ali also shared a screenshot depicting the LINK/USD daily chart, illustrating a consistent upward trajectory in the cryptocurrency’s value during this period, followed by a brief consolidation phase. This latest surge commenced on August 31, initiated by LINK rebounding from a support level established on June 23, 2023. The native token of the decentralized Oracle network demonstrated a steady climb from $5.740 to $6.469 before undergoing a consolidation phase, ultimately registering a gain of more than 12%.
Chainlink Whales Acquire 4 Million LINK Tokens in Just 10 Days, Spending 24 Million Dollars
It’s noteworthy that LINK experienced a nearly 50% surge during the previous instance it rebounded from the $5.740 price range. This event marked a continuation of an earlier rally that originated from a lower support level at $4.992 and spanned approximately four weeks, concluding on July 23 when LINK reached a local high of $8.440.
As Ali’s post highlights, Chainlink whales have initiated another round of bullish activity by acquiring significant quantities of the cryptocurrency. However, there are no explicit indicators suggesting the sustainability of this trend. As previously mentioned, LINK, after a seven-day continuous rally, encountered resistance, leading to a period of consolidation.
Lucian, one of the respondents to Ali’s post, raised concerns about the longevity of the rally and questioned the intentions of these whales. Lucian pondered whether the whales might already be offloading their LINK tokens while the community believes they are in an accumulation phase.
Another commenter, going by the name Aman, conveyed a sense of optimism regarding LINK’s prospects. However, Aman also ventured into speculation, suggesting that the price could potentially undergo a dip, thereby creating a more advantageous entry opportunity for prospective LINK buyers.
As of the time of this writing, LINK was actively trading at $6.114, displaying a clear intent to reestablish its upward trajectory. Notably, on the daily chart, it seemed to be in the process of shaping a discernible bullish reversal pattern. This pattern materialized following a rebound from the mid-term support level positioned at $5.963.