Will Whale Activity In Chainlink Boost LINK Price?

Chainlink's Potential Rebound: Bullish Signals In LINK

According to Santiment's report, Chainlink's key stakeholders with 10,000- 1 Million coins have been showing major accumulation during these weak markets. Since June 24th, they have added 9.2 million LINK, representing a +4.65% increase in their combined holdings since that date.

Additionally, data from Into the Block reveals that exchange netflows for LINK have been negative over the past two weeks, with approximately $110 million worth of LINK being withdrawn from exchanges. This behavior typically signals an accumulation phase, suggesting that investors are moving LINK into long-term holdings.

The increased buying activity by whales has positively influenced market sentiment, indicating that LINK may have reached a seasonal bottom. With prices at a low point, whales are purchasing LINK, anticipating an upward trend.

Chainlink Price Prediction: Will  Chainlink Rebound

On the daily technical chart, Chainlink (LINK) is finding support at $12.379. The last two trading sessions have shown mild bullishness.

Since early March, LINK's price has been on a downtrend, falling from $22.892 and breaking below key exponential moving averages (EMAs). Over the past three months, LINK's price has decreased by 2.05%, and in the last month, it has dropped by 18.50%. However, last week saw a 6.02% increase, indicating buyer interest at current levels.

Technical indicators like the MACD and RSI are showing mild bullish signals. The MACD, while still in the bearish zone, has formed a bullish cross and is trending upward. The RSI has bounced back from the oversold zone and is trading above the 14-day SMA, indicating bullish momentum.

Despite these positive signs, TradingView's technical summary shows mixed signals: out of 26 indicators, 11 suggest selling, 10 are neutral, and 5 recommend buying, indicating overall bearish sentiment.

At the time of writing, LINK is trading at $13.039, with an intraday gain of 2.35%, reflecting bullishness on the technical chart. The 24-hour trading volume is $274.24 million, and its market cap stands at $7.93 billion.

If LINK's price can surpass and sustain above the key EMAs, it could trigger a bullish rally. However, if the price is rejected at these levels, the bearish momentum may continue.

Conclusion

Chainlink (LINK) is showing signs of potential recovery, with significant accumulation by key stakeholders and positive technical indicators. While mixed signals persist, surpassing key EMAs could trigger a bullish rally. However, it Link price failure to do so may continue the bearish trend.

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