Chainlink Shows Signs of a Bullish Trend as Whale Holdings Significantly Increase

Chainlink (LINK) is showing signs of a bullish trend as whale investors significantly increase their holdings. In recent weeks, whales have accumulated over 6 million LINK tokens, valued at more than $75 million, reaching levels not seen since November 2023.

🐳📈 Chainlink’s key stakeholders with 10K-1M coins have been showing major accumulation during these suppressed markets. Since June 24th, they have added 9.2M LINK, a +4.65% increase to their collective holdings since that date. pic.twitter.com/nYBvChXhHU

— Santiment (@santimentfeed) July 12, 2024

 
Despite an 18% drop in LINK’s value over the past month, these large investors are capitalizing on the lower prices, reflecting their confidence in the token’s long-term potential. LINKUSD is currently trading at $12.49, with the potential to dip further to $11.11. The surge in whale activity underscores the increasing optimism around LINK’s future growth, suggesting a positive outlook for the token despite current market challenges.

Key Chainlink Levels To Watch – July 10

LINKUSD is showing bullish signs after forming a higher low near the $12.540 support and breaking above it. The impending Change of Character (CHoCH) indicates a shift in market sentiment towards the upside.
 
The next target resistance is around 16.260, suggesting potential further upward movement. The MACD indicator also supports this bullish outlook, with a positive crossover and increasing momentum.

Chainlink Key Levels

Resistance Levels: $16.260, $20.740, $22.880 
Support Levels: $12.540, $9.700, $8.260

LINK Metrics

Total Market Capitalization: $2.16T
Chainlink Market Capitalization: $7.87B
Chainlink Volume: $274.49M
Market Rank: #15

Make money without lifting your fingers: Start using a world-class auto trading solution