This week saw significant shifts in the cryptocurrency market. Key cryptocurrencies like Bitcoin and Chainlink underwent price corrections that captured investors' attention.
Market Correction in Cryptocurrencies
Bitcoin experienced a sharp drop on December 17, hitting a low of $92,000 before recovering to trade above $97,000. Following Bitcoin, other altcoins like Chainlink also faced price corrections of over 21%. LINK is currently trading at $22.48.
LINK Whale Activity Insights
As LINK stabilizes, there's been an increase in activity among large investors known as 'whales'. Lookonchain data shows that nine newly activated wallets have collectively withdrawn 362,380 LINK tokens, worth approximately $8.19 million, from Binance in the past 48 hours.
Chainlink's Prospects
Chainlink's recent correction of approximately 22%, aligns with a retest of its previous breakout zone. Earlier, LINK successfully broke above the $18.39–$22.52 resistance range, propelling it to a high of $30.80. The current pullback has returned LINK to this key support zone, showing strength as it bounces from a low of $20 and now trades at $22.48. If this support level holds and buying pressure continues, LINK could aim for a recovery to its recent high of $30.80.
The increased whale activity and LINK's ability to hold a critical support zone are promising signs for investors. However, considering the volatile market, caution is always advisable when investing.
