Crypto Whales Gobble Up Over $76,000,000 Worth of Ethereum-Based Altcoin in One Week, Says Analyst

A carefully adopted on-chain analyst says crypto whales are closely loading up on an altcoin operating on the Ethereum (ETH) community.

Ali Martinez tells his 66,900 followers on the social media platform X that deep-pocketed traders amassed tens of thousands and thousands of {dollars} price of the decentralized oracle Chainlink (LINK) in simply seven days.

“Chainlink whales have snapped up over 6.2 million LINK this past week, totaling approximately $76.88 million!” 

Supply: Ali Martinez/X

Final week, Martinez warned that Chainlink seems to have damaged down from a head-and-shoulders reversal sample after it took out help at $12.

Merchants preserve a detailed watch on charts flashing a head-and-shoulders sample because it means that the asset is poised to witness draw back value motion.

With LINK buying and selling barely above $13, the dealer now warns that the Ethereum-based altcoin could also be in the method of flipping a earlier help degree into resistance.

“Be careful with Chainlink! The recent upswing to $13 could have been a retest of the head-and-shoulders pattern’s neckline.” 

Supply: Ali Martinez/X

Trying on the dealer’s chart, he appears to foretell that LINK might nosedive to as little as $6.80, a possible decline of almost 50% from present ranges.

At time of writing, LINK is buying and selling for $13.10, up over 6% in the previous day.

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