Whale transactions, those conducted by large-scale investors, have reached a three-month high. This activity has had a significant influence on the price of Chainlink, as whales holding 86 million LINK and controlling 51% of the total supply have been dictating price movements. It’s been observed that price increases often follow periods of accumulation by these large-scale investors.
The Relative Strength Index (RSI), a momentum oscillator used to gauge the speed and change of price movements, is indicating bullishness above 50 for Chainlink. This suggests a strong buying pressure among investors.
The current support line for Chainlink stands at $7.4. A bounce back from this support line could lead to a recovery towards $8.01. However, if the price breaks below this line, it could cause a drop to $6.9.
The recent performance of Chainlink underscores the impact that whale transactions can have on cryptocurrency prices. As we continue to monitor the market, the behavior of these large-scale investors will remain a key factor in Chainlink’s future performance.
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Source: Cryptocurrency - investing.com
