• Chainlink price is up 4.4% in the past 24 hours.
  • Chainlink whales accumulating over 10 million LINK.

Chainlink, a prominent altcoin, has surged 14% in the past 24 hours, with trading volume up 12% over the same period. The price hit a 12-day high of $13.89, rebounding from an eight-month low ten days ago, driven by four days of sustained bullish activity by market participants.

This surge aligns with a broader cryptocurrency market recovery, as Bitcoin steadily aims to reclaim the $63,000 level. The recent uptick in market sentiment was catalyzed by the German government’s decision to liquidate its entire Bitcoin holdings a day ago, which alleviated significant supply pressure in the market.

In addition, Chainlink whales have been actively accumulating, purchasing over 10 million LINK in the past two weeks, amounting to approximately $120 million. Positive uptrends in social and volume metrics for Chainlink have also supported the observed price increase. 

Notably, Lookonchain reported that a mysterious whale or institution has been accumulating LINK, with 93 fresh wallets withdrawing 12.75 million LINK ($167 million) from Binance since June 24.

LINK Bulls To Reclaim Position?

A closer look at Chainlink’s recent price movements reveals an underlying bullish trend on the daily chart. The 9-day exponential moving average (EMA) stands at $13.165, which is below the current trading price. It further emphasizes the bullish sentiment. 

The daily Relative Strength Index (RSI) has recently hovered around oversold levels, indicating potential for further upward movement.

Is LINK Leading the Altcoins’ Bullish Recovery? image 0 Is LINK Leading the Altcoins’ Bullish Recovery? image 1 LINK Price Chart, Source: TradingView

If Chainlink breaks through the $14.71 resistance level, the upward trend may continue. Conversely, a drop below the $11.8 support level might see Chainlink testing the critical $10.91 level. Market participants will be closely watching these key levels in the coming days.

Highlighted News Of The Day

Will South Korea Put Crypto Taxation on Hold for Three More Years?