Chainlink (LINK) is moving in an upward direction as BTC has started upward movement. According to CoinMarketCap, the LINK price has declined by 2.82% over the last 24 hours but remains up by 5.39% over the last week.
At the time of writing, LINK is trading at $9.08, with a trading volume of $801.3 million, which has surged by 68.73% over the last 24 hours. However, its market capitalization stands at $6.6 billion, which is up by 2.82%.
Source: CoinMarketCap
Also Read: Chainlink Holds $8.80 as Bulls Eye $28 Breakout After Coinbase Integration Boost
LINK Whale Accumulation Hints at Rising Confidence
However, the crypto analyst Ali Charts revealed that whales have accumulated approximately 3.30 million Chainlink (LINK) tokens over the past week, signaling renewed interest from large investors.
This activity suggests that high-net-worth holders and institutions may be positioning early in anticipation of future market movements, as Chainlink continues to play a key role in decentralized oracle infrastructure across the crypto ecosystem.
Source: Ali Charts’ X Post
LINK, the native token of Chainlink, supports critical data connections for smart contracts. Whale accumulation often indicates growing confidence and can reduce exchange supply, potentially influencing price dynamics.
While not a guaranteed bullish signal, such activity is closely watched by traders for hints of shifting sentiment and possible upcoming volatility in the market.
Chainlink (LINK) Technicals Point to a Bullish Reversal
Following this whale activity, LINK displays a highly erratic rebound since its trough below $8.35 during the end of March. As per TradingView, LINK has managed to form a pattern of higher lows and is now trading above an important level of resistance at $9.25.
However, recent candle formations with long wicks indicate sell-offs at these levels, but LINK maintains its bullish structure.
The EMA ribbon shows a bullish crossover pattern. LINK has managed to break back into all the four periods’ averages of 20, 50, 100, and 200, where the current 20-period average now acts as dynamic support. All four periods’ averages at $8.95 imply a reversal of trend, changing the midterm view from bearish to bullish.
Source: TradingView
Momentum indicators corroborate that the price is moving upwards, with RSI standing at 61.21, indicating strong buying pressure without entering the overbought territory.
Furthermore, MACD clearly indicates a bullish crossover accompanied by growing bars in the green histogram. This points to good momentum behind the move; however, traders have to be careful since RSI might become exhausted at the 70 level.
This article contains market analysis and price predictions. These are not guarantees. Crypto markets are volatile. Always DYOR. Not financial advice.
Also Read: Chainlink Tokenization Drives $400M Growth for Amundi Fund in Three Weeks
