Chainlink Price Eyes Recovery as Whales Accumulate $120 Million
Chainlink's price is currently under short-term selling pressure at around $11.35, but big players are buying LINK amid the pullback.
According to crypto analyst Ali Martinez, whales have been accumulating approximately 10.36 million LINK over the last 96 hours, amounting to about $120 million in value currently.
This accumulation is significant because it occurred at a time when Chainlink's price was falling by almost 17% from its previous high. The whales did not decrease their holdings but increased them instead, indicating a potential interest in buying LINK at these prices.
The next big test for LINK is how it will fare against reclaiming the middle Bollinger Band at $11.71. If the price moves beyond this resistance zone, it could create a path toward the $12.80 region and improve its technical structure.