Heavy hitters in the market have been showing a lot of interest in Chainlink (LINK). Notably, one whale recently made substantial LINK purchases, reigniting interest and stoking conjecture about how the price of LINK would perform in the near future.
A whale just purchased 411,142 LINK for a staggering 1,757 stETH, or $3.3 million, at an average price of $8.06. This action, which took place a few hours earlier, was not an unusual occurrence.
The same whale has previously demonstrated a strong interest in Chainlink by investing 500,000 USDC to purchase 65,723 LINK on July 20 for $7.61. These substantial purchases are a bullish indication for LINK and have helped to fuel the stock’s current upward price trend.
Recently, the price of LINK has increased, hitting the $8 mark and rising impressively by 8% in a single day. The whales who have been hoarding the token have been blamed in part for these noticeable surges. These whales’ upbeat attitude is typically a good indication of an asset’s future.
Nevertheless, traders should be aware of the possibility of a price reversal despite the optimistic feeling that is now present. The Relative Strength Index (RSI) of LINK is presently exhibiting a double-top pattern. The asset may be overbought and in need of a correction, according to this pattern, which is frequently seen as a negative indicator.
The aggregation of large players frequently results in a bullish market attitude, but the double-top RSI pattern serves as a warning to investors that the price of LINK may soon undergo a reversal. As always, investors should do due research and take market volatility into account, even while whale movements might point to probable future price changes.
