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Chainlink Bulls Run Imminent? Whale Buys $1 Million of LINK
Recent transactions have been made by a whale, purchasing $1 million worth of LINK tokens within the last 24 hours. This significant buying activity could signal an imminent bull run for Chainlink’s native token.
According to blockchain-based transaction tracker iCrypto, wallet address 0xbb90 purchased 53.2K LINK tokens worth $1.01 million in the past 24 hours. This is not the first time this wallet has made a significant bet on LINK, as it previously earned $629.8K (+136%) from investing in the token.
This impressive track record suggests that the token could potentially soar significantly in the coming days.
Aside from these whale transactions, expert analysis also points to an imminent price surge for Chainlink’s native token. A prominent crypto analyst observed a squeezing of Bollinger Bands on LINK’s 12-hour chart, indicating that a highly volatile move could be imminent.
As a result, traders and investors are showing increased participation in the asset, with its trading volume surging by 80% within the past 24 hours despite no change in price. This growing interest can be attributed to the accumulation and anticipation of potential gains from LINK’s continued price action.
From a technical perspective, LINK appears to be forming an ascending triangle pattern on the four-hour timeframe, which is currently being supported by an ascending trendline. Historical data shows that this trendline has historically led to bullish reversals, hinting at a potential rebound for the asset.
In addition to these indicators, if LINK manages to hold above its current trendline, it could potentially reach the $22 level in the near future, which would represent a gain of approximately 17%.
It’s worth noting that Chainlink’s token is still trading close to its historical support levels and has not seen a major price increase yet.
Source: coinpedia.org
