Whales Show Confidence in Chainlink
Cryptocurrency whales have displayed their optimism towards Chainlink (LINK) by actively purchasing the digital asset during the market downturn. According to well-known cryptocurrency analyst Ali Martinez, these large investors have acquired more than 6.2 million LINK coins in the past week.
This substantial acquisition of LINK is valued at approximately $76.88 million based on the current market price. This development holds significance for the cryptocurrency given the recent market turmoil. Despite a 17.17% decline in the LINK price over the last 30 days, whales have seized the opportunity to accumulate LINK tokens at discounted prices.
Anticipated LINK Price Recovery
In sync with the increased whale activity, the LINK price has displayed resilience in today's market. Following the recent crypto crash, Chainlink's price has surged by 3.99% today, reaching $13.38 as per the latest CoinMarketCap data. This price uptick suggests that LINK is poised for a notable recovery, supported by the backing of influential whales.
Moreover, LINK's trading volume has spiked by 43.8% to $359.37 million, indicating growing investor interest in the cryptocurrency. The uptick in trading volume aligns with the positive sentiment observed among LINK traders, who are displaying bullish behavior towards the digital asset.
While an immediate major rally for Chainlink is not guaranteed, the surge in whale activity and today's price increase are encouraging signs for the cryptocurrency. Market sentiment seems to be shifting favorably, hinting at potential strength for LINK in the upcoming period.
