Key Takeaways
- Chainlink whales have added 128,320 LINK, worth $2.21 million, as the price hovers near a key support level.
- Price action suggests that LINK has a slightly bearish outlook, but whale accumulation indicates strong long-term potential.
- An expert made a bold prediction: if LINK fails to hold the $15.43 level, it could fall to $12.73.
Chainlink whales have started accumulating again, signaling growing confidence in the asset and hinting at a potential price reversal. Recently, on-chain analytics platform Lookonchain revealed that two whale wallet addresses, 0xf386 and 0xe8aa, collectively accumulated 128,320 LINK worth $2.21 million from OKX and Kraken in recent hours.
Chainlink Whales’ Moves and Current Market Status
In addition, a crypto expert recently shared on-chain data showing that whale wallets holding between 100K and 1 million tokens have accumulated 13 million LINK over the past week.
Despite the massive accumulation, LINK’s price remains stable. However, it has risen by a decent 1.25% today and is currently trading at the $17.40 level, according to TradingView data. Despite the price uptick, market participants remain cautious, as reflected in the trading volume, which has dropped 27% to $890 million.
Looking at these whale activities, it appears that whales have confidence in LINK and may help fuel a strong recovery in its price. Moreover, it also raises the question of whether this is an ideal buying opportunity or if the price will continue to struggle.
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Chainlink (LINK) Price Action and Expert Prediction
According to TimesCrypto’s technical analysis, LINK is in a downtrend and has been hovering near a strong support level of $16.50 for the past two weeks. On the daily chart, this support appears to be a make-or-break level for LINK, as it has the potential to trigger a rebound if it holds; however, if it fails, a significant crash could also be possible.
Based on the current price action, if LINK holds the $16.50 support, it could see a price reversal and potentially reach the next resistance at $21.50. On the other hand, if momentum fails and the price drops below $16.50, a sharp selloff could occur, with the next support level around $8.45.
Analyzing the current price action, a crypto expert made a bold prediction, noting that $15.43 is a critical support for LINK. If this level fails, the price could drop to $12.73. However, if bulls manage to break the $19.02 resistance, it could trigger a bullish run, potentially pushing the price above $21.
Amid this uncertainty, LINK has fallen below the 200-day Exponential Moving Average (EMA), indicating that the asset is in a downtrend. However, it shows strong directional momentum, as reflected by the Average Directional Index (ADX), which has reached 39.70, well above the key threshold of 25.
So far, it appears that the current sentiment is slightly bearish, but LINK still holds long-term potential, which explains the ongoing whale accumulation.
