Chainlink Price: Whale Buying Spree Hints At 15% Surge, But There’s A Catch

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As a researcher with extensive experience in the cryptocurrency market, I believe that the recent Chainlink price rebound is a promising sign for the altcoin market. The significant buying interest and strategic positioning by major investors, as indicated by whale accumulation and development activity, suggest a bullish outlook.

As a researcher observing the altcoin market over the past week, I’ve noticed some promising signs of recovery. The supply pressure from the Bitcoin correction has lessened, allowing for renewed buying interest. This interest propelled the Chainlink price to surge by 16.2%, rebounding from a multi-month support zone at $12.63 up to $14.678. This significant increase implies that the LINK coin might be able to maintain its position above the 38.2% Fibonacci retracement level—a healthy correction point for buyers to counteract any potential downtrends.

Chainlink Price Rebounds Amid Whale Accumulation and Top-Tier Development Activity

Chainlink Price: Whale Buying Spree Hints At 15% Surge, But There’s A Catch

As a crypto investor, I’ve observed that during the June correction, Chainlink’s coin price took a hit, plunging from $19.2 down to $12.6. This represented a substantial decline of 34.2%. The low at $12.6 was particularly noteworthy, as it aligned with a 32.8% Fibonacci level and the 100-week Exponential Moving Average (EMA). These factors make for an intriguing area of interest (AOI) for potential buyers.

Over the past six months, the LINK price has bounced back multiple times from the previously mentioned support level, signaling that buyers are actively protecting this price point to minimize further price declines. The latest recovery from the bottom support has lifted the LINK price to $14.5, and in turn, boosted its market capitalization to a staggering $8.85 billion.

As a researcher studying on-chain data, I’ve discovered some intriguing trends with Chainlink (LINK) based on recent analyses from Lookonchain. Specifically, large investors such as whales and institutions have been actively accumulating LINK. Over the past week, a total of 54 new wallets have withdrawn an impressive 2.08 million LINK, equivalent to around $30.28 million, from Binance.

It seems that whales/institutions are accumulating $LINK!
We noticed that 54 fresh wallets withdrew 2.08M $LINK($30.28M) from #Binance in the past 7 days.
— Lookonchain (@lookonchain) July 2, 2024

Major investors may be strategically positioning themselves for potential market upswings based on large-scale withdrawals of 139,111 LINK ($2.03 million) from a single source, indicating significant investment activity.

More noteworthy, Santiment’s latest figures show that Chainlink (LINK) has climbed up to the second spot in cryptocurrency development intensity, trailing only Hedera Hashgraph. This classification is determined by the number of significant development events over the previous month, with Chainlink earning a score of 526.1 for development activity.

As a researcher observing the cryptocurrency market, I’ve noticed an uptick in development activity surrounding Chainlink. This trend underscores Chainlink’s increasing significance and its commitment to driving innovation within the crypto sphere.

The price of Chainlink has risen by 2% intraday, hinting at a potential bullish breakthrough past the $14.6 resistance level. Should the daily candle finish above this hurdle, the asset could surge an additional 16%, aiming to surmount the descending trendline and reach $17.

In simpler terms, the downward line indicates the main barrier for the ongoing price correction to rise further. Overcoming this hurdle is crucial for the upward trend to resume.

As an analyst, I would rephrase it as follows: The daily chart’s support trendline, which has held strong since June 2023, is currently bolstering the ongoing market recovery. For a sustainable bull run to continue, buyers need to keep this level intact.

Technical Indicator:

    EMAs: The LINK price trading below the daily exponential moving average (20, 50, 100, and 200) indicates that sellers are primarily driving the current market movement.
    RSI: A notable higher low formation in the daily relative strength index (RSI) slope as the price rebounds from $12.6 accentuates the rising buying pressure at the bottom.

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2024-07-02 16:27