- Chainlink whales have purchased over 4 million LINK in the last ten days.
- The value of the investment was worth $24 million at the time of the purchase.
- LINK rallied steadily for seven days before consolidating.
According to the foremost cryptocurrency analyst, Ali, Chainlink whales have purchased over 4 million LINK in the last ten days, totaling a staggering $24 million. Ali also shared a screenshot of the LINK/USD daily chart, showing how the crypto token rallied steadily during the period before a brief consolidation.
The latest rally began on August 31, after LINK bounced off support established on June 23, 2023. The decentralized Oracle network’s native token rallied steadily from $5.740 to $6.469 before pulling back in consolidation, gaining over 12% in the process.
LINK rallied nearly 50% the last time it bounced from the $5.740 price region. It then served as a continuation of a rally that began from lower support at $4.992. The rally lasted about four weeks, terminating on July 23 after LINK’s price reached a local high of $8.440.
According to Ali’s post, Chainlink whales have initiated another round of bullish engagements by purchasing significant amounts of the crypto token. However, there are no indications that the trend will continue for long. As mentioned earlier, after rallying consistently for seven days, LINK has encountered some resistance, and the price has consolidated.
One of the respondents to Ali’s post, Lucian, questioned the rally’s sustainability and the intentions of the whales. Lucian asks if the whales are already dumping their LINK tokens when the community thinks they are buying. Another respondent identified as Aman, noted he is bullish on LINK. However, Aman added that the price could drop lower to provide a better entry for LINK buyers.
LINK traded for $6.114 at the time of writing after attempting to resume the upward rally. It appears to be forming a bullish reversal on the daily chart after bouncing off mid-term support at $5.963.