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.
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.
- Learn the Principles that Guided This Cryptocurrency Investor from $30K to $1M
- How Trader Raised $2k to $1.2M in Just 78 Days Investing in This Meme Coin
- Shiba Inu (SHIB) Daily Transactions Skyrocket as New Meme Player Meme Moguls (MGLS) Rises to the Top
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.
A unique play-to-earn gaming platform in the memecoin market
The platform combines artisanal and gold mining with cryptocurrencies in an unusual gaming context, offering a distinctive and immersive experience
Fosters a strong community by encouraging physical meetups among members
NFT Integration with Prominent Characters