Key Insights
- Chainlink is currently testing the $8 mark.
- According to the market intelligence and blockchain tracking platform, the whales on ChainLink have begun to show serious buying activity over the last week.
- At the end of LINK’s two-month bullish streak, the cryptocurrency was worth as much as $9.5, in an almost 70% move to the upside.
Just like Ethereum, Dogecoin, and Polkadot, Chainlink also did well for itself over the last week.
According to Data from CoinMarketCap, Chainlink is up by 16.1% over the last 7 days at the time of writing. It also has a 4 billion dollar market cap after rising 6.77% over the last 24 hours.
Chainlink is currently testing the $8 mark at $8.02.
Whales Go On Buying Spree
According to the market intelligence and blockchain tracking platform, the whales on ChainLink have begun to show serious buying activity over the last week. In a tweet, the on-chain data aggregation platform noted that 33 different LINK transactions worth more than $1 were conducted in a single day during the weekend.
🔗🳠#Chainlink whales have gotten quite active this weekend as market prices have teased the $8 level a few times. Saturday saw 33 different $LINK transactions exceeding a value of $1 million. This was the highest whale activity day since June 27th. https://t.co/0eMNpYTDW2 pic.twitter.com/kaSkNdtLY6
— Santiment (@santimentfeed) October 30, 2022
Santiment also adds that these 33 addresses moving a million dollars in LINK around is the highest whale activity on LINK since 27 June this year.
Looking at the charts on the date specified by Santiment, LINK was at a $6.5 low on 27 June. After a brief retracement to the $5.8 zone, the price of the cryptocurrency exploded to the upside in a bull run that lasted almost two months.
At the end of LINK’s two-month bullish streak, the cryptocurrency was worth as much as $9.5, in an almost 70% move to the upside.
The question becomes: What might the ChainLink whales be planning now?
ChainLink (LINK) Price Analysis
After the start of the bear market in November 2021, Chainlink started to plunge from its $37 high. At the end of May 2022, the cryptocurrency hit the $5.8 low and has been ranging between the $5.7 zone and $9.5 ever since.
However, since the end of July this year, the cryptocurrency has been trying to break above the $8 zone, as illustrated below in the charts.
In early August, LINK succeeded in its attempts and broke through this zone. However, after hitting its local $9.5 resistance, the cryptocurrency reversed and fell to its local support of around $6.2.
LINK has been trying over again to break through the $8 mark. During the bullish streak across the general crypto market over the last week, LINK started to pick up strength and managed to rise to the $8 resistance again.
At the time of writing, the cryptocurrency is trying once again to break this level.
Considering the recent move by the whales over the weekend, LINK may just be getting some of the fuel it needs to break through this resistance and possibly hit the $9.5 resistance again.
If the bulls can apply more pressure, LINK just may break out of this level and make the $11.5 zone its next target.
The RSI on the daily chart indicates that the LINK market is approaching overbought conditions, leading to a “fingers crossed†verdict on the crypto. The only thing about LINK’s price action is that time will tell what happens next.
Disclaimer: Voice of crypto aims to deliver accurate and up-to-date information, but it will not be responsible for any missing facts or inaccurate information. Cryptocurrencies are highly volatile financial assets, so research and make your own financial decisions.
