According to U.Today, renowned crypto analyst Ali Martinez has indicated that Chainlink (LINK) might be forming a 'head and shoulders' pattern. In a recent post, Martinez shared a four-hour chart that appears to show this formation, which in technical analysis often signals a trend reversal followed by a potential bull run. If the 'neckline' closes at $15, it could trigger the price to move up to $19.

During the recent market correction, Chainlink's price dropped 16% from the week's high to $12.6. As of press time, LINK was trading at $13.65, with a 24-hour trading volume of $203,437,634, down 24%. Martinez noted that whales have been buying the dip following the recent crypto market crash, acquiring over 6.2 million LINK coins in the past week.

The latest acquisition of LINK, estimated at around $76.88 million, is significant, especially given the recent broader market downturn. Over the past 30 days, LINK's price has plummeted by 17.17%. However, this slump has led to increased activity from whales, who have been buying LINK tokens at these lower prices. This surge in whale activity suggests that these large traders are expecting a price rebound for Chainlink soon.