Ethereum Altcoin Witnesses $76M Influx as Crypto Whales Ramp Up Buying, Analyst Finds
Crypto analyst Ali Martinez has reported significant activity among whales in the Chainlink (LINK) market, revealing that these large investors have accumulated over 6.2 million LINK tokens, amounting to approximately $76.88 million, within a week.
Martinez, sharing insights with his followers on X, noted concerns about LINK’s technical chart, pointing out a head-and-shoulders reversal pattern that suggests potential downside. With LINK currently trading around $13.10, Martinez warned of a possible scenario where the altcoin could face resistance after testing previous support levels.
He indicated a potential price decline to as low as $6.80, representing a substantial drop from its current levels. Despite this cautionary outlook, LINK has seen a recent uptick, gaining over 6% in the past day.
Clever Robot News Desk 11st July 2024
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