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Chainlink Whales Stock Up as Bulls Eye LINK Breakout Above This Support Range

Maxwell Mutuma

August 12, 2023

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Chainlink (LINK), a decentralized Oracle network, has recently showcased a robust support level between $6.63 and $6.88. According to Ali, a renowned cryptocurrency analyst on Twitter (@ali_charts), nearly 29,000 addresses have acquired a staggering 295 million $LINK tokens within this price range.

This solid foundation is a testament to Chainlink’s resilience in the volatile crypto market. The lack of major resistance barriers ahead, as indicated by on-chain data, further strengthens the bullish sentiment surrounding the token.

Bullish Sentiment Prevails

Chainlink stands unwavering in its position. On-chain metrics, renowned for their accuracy in reflecting market sentiment, currently display a distinct absence of substantial resistance hurdles on the horizon.

The prevailing projection suggests that if Chainlink maintains its price above the established support threshold, its bullish drive will probably persist. Both investors and traders maintain a favorable outlook on Chainlink’s possibilities, a sentiment well-supported by empirical data.

Amidst the ever-shifting dynamics characterizing the crypto realm, Chainlink stands its ground resolutely. On-chain analytics, a dependable gauge of market sentiment, presently exhibit an absence of significant resistance barriers foreseeable in the near future.

The prevailing indication suggests that as long as Chainlink upholds its price above the designated support level, the prevailing bullish momentum is poised to endure. Investors and traders alike nurture optimism regarding Chainlink’s potential, a conviction substantiated by robust data trends.

Whale Activity on the Rise

Whales, or large-scale investors, play a pivotal role in the cryptocurrency market. Their investment decisions can significantly influence the price trajectory of a token. In Chainlink’s case, the whales are on a buying spree.

Ali’s analysis shows that some of the largest $LINK whales have been accumulating the token more aggressively than before. Over the past two weeks, these whales have acquired approximately 13 million $LINK, valued at an impressive $91 million. Such substantial investments from big players underscore their faith in Chainlink’s prospects.

While the current scenario paints a rosy picture for $LINK holders, traders anticipating a breakout might need patience. The on-chain data has shown a decline in network activity over the past three weeks. Specifically, the number of large transactions has dwindled from 527 to 118.

However, a sudden surge in this metric could indicate an impending breakout. Traders and investors are advised to watch these numbers closely as they navigate their next moves.

In conclusion, Chainlink’s strong support levels and the increasing activity of whales in the market are positive signs for its future. While the immediate breakout might be on hold, the prevailing bullish sentiment cannot be ignored. Investors should always research and stay informed to make the best decisions.