The whales seem to be focusing on the popular altcoin Chainlink (LINK), according to the latest data. In just one day, data is shared that more than 10 million LINK tokens worth 140 million dollars entered the wallets of whales. Well, how about the Chainlink price? Is there a rally next? Chainlink price could enter a rally as whales buy the altcoin. The price may face resistance at $15.42.
Whales focus on popular altcoin LINK
Chainlink has witnessed a growing LINK accumulation by major wallet investors. Judging by data from Whale Stats, a crypto analytics platform, whales have purchased more than 10 million LINK tokens worth $140 million. According to its recent transaction history, Chainlink’s support level is $13.55. Ali Martínez, a famous crypto analyst, recently tweeted about it. Martinez states that 7,350 addresses have purchased 11.46 million LINK tokens.
Recent accumulation fuels the bullish outlook among investors. The analyst said that 9,260 addresses have accumulated 22.55 million tokens, while pointing to $15.42 as a tough resistance level for LINK price. Typically, the price level at which more investors are accumulating the altcoin is seen as a key level for the rise in price. There may be an increase in selling pressure or profits by altcoins at the price level. Interestingly, the whales added more LINK tokens to their bags overnight, pulling the altcoins out of circulation.
LINK in opportunity space?
Although partnerships in Chainlink’s altcoin project, which was established for higher adoption and benefit, did not fuel the price rally, it remains to be seen what effect the whale movements will have. Analysts evaluated the Chainlink price trend and “lukasz_wydra”, a prominent analyst and trader, determined that LINK price touched the 50-day moving average and used the following statements:
LINK is in an interesting setup. It broke above the downtrend line a few days ago and is now testing it as support. Additionally, it just touched the 50-day SMA. Opportunity?
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