The crypto market has recently been witnessing a huge interest in the case of Chainlink (LINK) among the top players. In particular, one such whale has made substantial LINK purchases. This recent event has ignited interest as well as speculation regarding the likely price performance of the crypto token in the coming time.
Chainlink Whales Keep on Accumulating the LINK Tokens to Ignite a Likely Price Rise
A recent transfer witnessed the expenditure of up to 1,757$ stETH tokens (nearly $3.3M) for the purchase of an enormous figure of up to 411,142 LINK tokens. The purchaser obtained the respective tokens at a normal price of almost $8.06. This development took place a few hours back and it does not count as a separate event.
A popular blockchain analytics platform Lookonchain shared this development on its official Twitter account. The whale responsible for purchasing the LINK tokens had already expressed a huge interest in this respect, having expended up to 500,000 USDC tokens to purchase 65,723 LINK on the 20th of July at an average rate of almost $7.61.
These enormous buyouts indicate a bullish signal in the case of LINK, paving the way for the token’s potential rise in the future. The value of the token has been jumping for a considerable period, going beyond the price level of $8. In this respect, LINK gained a great increase of up to 8% just in one day. Such notable price increases have been partially credited to the whales.
RSI of LINK Forms a Double-Top Pattern
They have been amassing the LINK tokens to increase the price. The positive sentiment expressed by the respective whales is considered to be a resilient indicator pointing toward the potential of the asset. Nonetheless, the traders are advised to be careful regarding a likely price reversal. LINK’s Relative Strength Index is presently creating a double-top pattern that often reflects a bearish signal.
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