Bitcoin (BTC) and the rest of the altcoin market are entering a strong consolidation phase, but major market players have set their sights on leading altcoin Chainlink (LINK). This indicates that a strong recovery is imminent for LINK’s price.
At the time of writing, LINK is trading at $7.37, up 3.02% in the last 24 hours. Despite the strong consolidation phase in the cryptocurrency market, LINK has increased its value by 20% in the past month. During the same period, it has been observed that shark and whale-level wallet addresses have been accumulating a significant amount of LINK.
Blockchain data provider Santiment reported that Chainlink’s GitHub activity has significantly increased throughout the summer and the asset has become one of the top 5 most actively developed cryptocurrency projects.
Furthermore, investors holding between 100,000 and 10 million LINK, known as whales and sharks, now hold the highest amount of LINK since December 2022. Data shows that within a period of less than four weeks, shark and whale-level wallet addresses in Chainlink have acquired over $192 million worth of LINK.
Prominent cryptocurrency analyst Michael van de Poppe recently expressed his bullishness on Chainlink in a YouTube video. Van de Poppe stated that after a prolonged period of consolidation, the leading altcoin could potentially rise over 50% from its current value.
The analyst expects LINK, which has been trading in the range of $5 to $9.5 for about 450 days, to experience a drop before forming an upward trending rising-bottom pattern and rallying strongly. Van de Poppe emphasized that for the price to rise, it needs to stay above the range of $6.75, and if this condition is met, a strong progression towards the $11 level can be achieved.