Chainlink Sets to Recover From the SEC’s Interference as Whale Activity Increases

Chainlink is set to recover from the SEC’s interference as whale activities increase has been noticed by Santiment, a major analytics firm in the cryptocurrency industry. As per Santiment, the notable increase in activity is currently the highest since the beginning of the year. As of now, addresses with over 10,000 LINK tokens have been surprisingly active in the past few days.

While the previous days have been quite unfavorable for investors, it was gathered by Santiment that the decline was a result of the interference of the Securities and Exchange Commission (SEC). A quick recovery of prices is likely to ensue as the effect of the SEC’s interference subsides.

Key Chainlink Levels To Watch – June 16

A falling trendline emerged on April 18, 2023, as the market was faced with selling pressure at $8.800. The price of Chainlink declined from $8.800 due to selling pressure at the resistance level.

🐳 The amount of #Chainlink whale transactions has hit a 2023 high as prices fell to a 3-year low $5.00 this weekend. Mid-sized 1K-100K $LINK wallets are particularly accumulating big, with 3.9M $LINK (worth $20.0M) accumulated in the past week. https://t.co/pY7fezqxJP pic.twitter.com/K3P5EXoKeO

— Santiment (@santimentfeed) June 13, 2023

According to the RSI (Relative Strength Index), the market is now extremely underpriced. LINKUSD has begun to soar upward in a bid to either make a correction or a complete reversal to the upside.

LINK Key Levels

Resistance Levels: $6.170, $8.800, $9.650
Support Levels: $4.930, $4.420, $2.980

Total Market Capitalization: $1.05T
Chainlink Market Capitalization: $2.73B
Chainlink Volume: $0.12B
Market Rank: #23

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