![Chainlink Flashing Signals of Next Major Rally, Analyst Shares Next LINK Target](https://captainaltcoin.com/wp-content/uploads/2023/09/Copy-of-P2P-Review-13.png)
Despite short-term bearishness, Chainlink whales seem to be taking the opportunity to accumulate more LINK tokens for the long run.
What you'll learn 👉
Whales Snapping Up LINK on Dips
According to on-chain data aggregator Lookonchain, one whale recently spent $1.25 million to add 82,957 LINK to their wallet at $15.11 per token. This transaction came after the whale sold another cryptocurrency at a profit, suggesting they are redeploying funds into LINK.
The whale now holds around 193,438 LINK worth $2.87 million purchased at an average price of $14.82. These large, aggressive buys on price dips indicate long-term conviction even as technicals weaken.
Bearish Momentum Building in the Short Term
An analysis by AltFins highlights growing near-term bearishness after the powerful LINK rally last month. As they explained, the MACD line recently crossed below the MACD signal line, suggesting bullish momentum is stalling.
![](https://captainaltcoin.com/wp-content/uploads/2023/12/image-52-1024x573.png)
They note LINK remains in an uptrend across short, medium and long-term timeframes. However, with the price having hit unsustainable overbought levels, the pullback is now seeing “selling pressure” emerge.
Eyes on the Long-Term Horizon and Next Price Target
Yet AltFins remains constructive on LINK over the long run due to its key role as a leading oracle provider. With more real-world assets getting tokenized, data oracles become critical infrastructure. This strengthens the bull case for LINK.
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As they noted, breaking back above the 200-day moving average confirmed Chainlink’s uptrend, opening the way to test the $18 resistance level. For now, LINK seems bound to this short-term correction, but the whales stacking LINK on dips see the bigger picture. Their aggressive accumulation provides a contrarian bull signal amid the bearish momentum.
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