Chainlink Whales Acquire $76 Million in LINK - What's Happening?

It appears that whales have turned bullish on Chainlink (LINK). They have been buying the dips after the recent crypto market crash. Per renowned crypto analyst Ali Martinez, crypto whales have bought over 6.2 million LINK coins over the last week.

This latest LINK acquisition is estimated to be worth around $76.88 million, per the current price level. It is a notable development for the coin as it comes amid the recent crash on the broader market. Notably, the LINK price has crashed 17.17% in the last 30 days.

However, whales took advantage of this market slump. They have been aggressively buying LINK tokens at lower price levels. This surge in whale activity for Chainlink shows that these traders are anticipating a price rebound from the coin in the near future.

LINK price eyes rebound

Amid this rising whale activity, the LINK price has also shown some strength today. After the crypto crash last week, the Chainlink price is up 3.99% today. It is currently trading at $13.38, per the latest data from CoinMarketCap. This price surge shows that LINK is eyeing a major rebound after getting support from whales.

In addition to price, the trading volume of LINK has surged 43.8% to $359.37 million. This is another positive sign for the coin, as it shows that it may achieve further price gains from this point. The rising trading volume is showing investors’ growing interest in Chainlink.

It backs the data shared by Ali Martinez, as LINK traders appear to be going bullish on the coin. While Chainlink may not start a major rally right away, the rising whale activity and today’s price increase are two positive developments for the coin. The market sentiment appears to be shifting, and LINK may show more strength in the future.