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Chainlink (LINK) Whales Are on Buying Spree, Here's What Caused It

Sun, 07/23/2023 - 11:42
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Arman Shirinyan
LINK catching eye of whales, with large-scale purchases hinting at increased confidence in token
Chainlink (LINK) Whales Are on Buying Spree, Here's What Caused It
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Chainlink (LINK) has been generating substantial interest among heavy-hitters on the market. Notably, one whale has recently made significant LINK purchases, sparking renewed interest and speculation about LINK's potential price performance in the foreseeable future.

In a recent transaction, a whale spent 1,757 stETH, equivalent to $3.3 million, to buy a whopping 411,142 LINK at an average price of $8.06. This move, which occurred a couple of hours ago, was not an isolated event.

The same whale had already shown keen interest in Chainlink, having spent 500,000 USDC to buy 65,723 LINK at $7.61 on July 20. These substantial purchases represent a bullish signal for LINK, contributing to its recent upward price trajectory.

The price of LINK has been on a rise lately, surpassing the $8 price level, gaining an impressive 8% in a single day. These notable spikes have been attributed, in part, to the whales who have been accumulating the token. The optimistic sentiment reflected by these whales is usually a strong indicator of an asset's potential.

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However, despite the current bullish sentiment, traders should be mindful of the potential for a price reversal. LINK's RSI, the Relative Strength Index, is currently forming a double-top pattern. This pattern is often seen as a bearish signal, suggesting that the asset may be overbought and due for a correction.

While the big players' accumulation often induces positive market sentiment, the double-top pattern in RSI is a reminder to investors that LINK's price may soon experience a pullback. As always, while whale movements can hint at potential future price actions, investors should undertake their due diligence and consider market volatility.

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About the author

Arman Shirinyan is a trader, crypto enthusiast and SMM expert with more than four years of experience.

Arman strongly believes that cryptocurrencies and the blockchain will be of constant use in the future. Currently, he focuses on news, articles with deep analysis of crypto projects and technical analysis of cryptocurrency trading pairs.