In recent days, Chainlink (LINK) has stabilized at $14.20. Whale activity data and technical signals indicate a potential price increase.
Current Price and Whale Activity
Chainlink's price has remained steady at $14.20 over the past few days, which is approximately 45% above its lowest level this year. Data from Santiment shows that large investors have been accumulating LINK. Investors holding between 100,000 and 1 million coins now own 173 million tokens, up from 143 million in November last year, increasing their holdings by 30 million coins, valued at approximately $420 million.
Decline in Chainlink Supply on Exchanges
Additional data indicates that the supply of LINK tokens on exchanges, as a percentage of the total supply, has continued to decline. It has fallen from 21% in March to 19%, the lowest level since March 13. A drop in exchange balances is typically interpreted as a bullish signal, suggesting that holders are moving tokens off exchanges, thereby reducing the likelihood of selling.
Technical Analysis and Forecasts
The 12-hour chart shows that LINK has rebounded in recent weeks, rising from a low of $9.9720 in April to around $14. The price is now trading above the 50-period moving average. A falling wedge pattern, a popular bullish reversal sign, has formed as well as an inverse head and shoulders pattern. LINK is likely to continue rising as bulls target the next point at $20, up by 30% from the current level.
Given the current whale activity and technical signals, Chainlink may aim for growth in the coming days. The decrease in supply on exchanges and partnerships with major financial institutions could also contribute to this.
