Price rallies experienced since the beginning of October also affected the price of Chainlink. However, due to the hostile environment and negative news flow, it faced a downward price movement and retreated. As of the time of writing, the Chainlink price has found support above the long-term trend and is currently trading at $7.45.
Whale Effect on Chainlink’s Future
Despite the selling pressure in the altcoin market, Chainlink whales made a strong accumulation movement last week. Famous crypto tracking site Santiment shared that Chainlink’s current price is at $7.45 and it has experienced a noticeable 30% increase in the past 5 weeks.
During the mentioned 5-week period, there was also an increase in activity in wallets holding between 100,000 and 1,000,000 LINK coins. The whales of the altcoin continued to accumulate and made a total addition of $38.5 million worth of LINK just last week. These accumulation movements carried out by whales are more important than the purchases made by small investors aiming to make a profit.
On the contrary, the measured transaction volume ratio shows that individual investors are constantly trying to enter the market and create benefits for themselves depending on the bullish environment. A potential Chainlink price increase may affect the trading habits of this group.
LINK Coin Review
As of the time of writing, Chainlink’s price was trading at $7.45. It experienced a 5.3% decrease in the past 24 hours. After that, the price recovered slightly and had an increase of approximately 2%. The crypto seems to have found support at the $7.40 level, and the 7.00 level, where the 50-day Exponential Moving Average (EMA) is positioned, is seen as a resistance level to the decline.
The preservation of the support level may be important for the start of an increase towards $8.01 for LINK. LINK is only 13% away from its highest level seen in 2023, which is $8.58. When the Relative Strength Index (RSI) is examined, it appears to be recovering towards the neutral line at 50.0. This situation may reflect the presence of potential upward momentum.
This price movement could initiate an upward movement towards $8.01 and can take the altcoin to the next resistance level of $8.38. On the contrary, if LINK fails to maintain the support level, the upward movement can reverse, and the price of the altcoin can test $6.91 in the lower region.
