Chainlink Whales Buying, Will it Trigger a Price Rebound?
Chainlink (LINK) price has fallen 11% since August 10, but the buying pressure from bullish whales could lead to a price rally. The integration of Chainlink’s price feeds to Coinbase-led Layer-2 Network, Base, has attracted the attention of Coinbase institutional investors. Whale transactions for LINK have increased almost three-fold between August 12 and August 16, suggesting institutional investors are back in the game. This, combined with the increase in LINK’s network activity, indicates a potential bullish reversal. Despite the recent price correction, LINK’s network activity has grown by 9%, showing a positive divergence between price and network participation. Chainlink’s whales and retail investors are optimistic about a potential early recovery once the altcoin market gains momentum again.
Key Points:
- Chainlink’s integration with Coinbase’s Layer-2 Network has attracted institutional investors to LINK.
- Whale transactions for LINK have increased nearly three-fold, indicating renewed interest from institutional investors.
- Despite the price correction, LINK’s network activity has grown by 9%, showing a positive divergence.
- If LINK breaks the $7.50 resistance level, it could reach the $8 price target.
- If it falls below the crucial $6 support level, the positive price prediction could be invalidated.
Hot Take:
Despite the recent price drop, Chainlink’s integration with Coinbase and the increased whale activity suggest a potential price rebound for LINK. The positive divergence between price and network activity further supports this. However, breaking the $7.50 resistance level and holding above the $6 support level will be crucial for LINK’s upward momentum. If these conditions are met, LINK could reach the $8 price target.
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