Chainlink has been witnessing a beehive of activities thanks to a significant buying spree from whales after acquiring more than 6.2 million LINK worth a whopping $76.88 million in the past week.
Therefore, this trend is a strong indicator that whales have adopted the buy-the-dip strategy, given that the crypto market recently experienced intensified selling pressure.
Renowned market analyst Ali Martinez called out this development in the Chainlink network, depicting a bullish signal for the seventeenth-largest cryptocurrency based on market cap.
Is Chainlink About to Bottom
Famed for its prowess in the development of decentralized oracle networks (DONs), Chainlink continues to craft a name for itself in the crypto scene as one of the top twenty cryptocurrencies based on market value.
This explains why whales are giving LINK a keen eye, with indicators high that the altcoin is gearing up for an upswing.
Top crypto analyst Michael van de Poppe acknowledged, “LINK has been getting a seasonal pattern of finding bottoms in June of every year. Very likely, it’s having the same bottoming procedure in 2024 and will start to crawl upwards from here.”
Source: Michael van de Poppe
With Chainlink in oversold territory and its weekly relative strength index (RSI) hitting the lowest level since August last year, it is highly likely that LINK is in an uptrend.
Source: TradingView
Furthermore, the MVRV 30-day Ratio has painted a bullish picture for Chainlink.
According to CoinGecko data, Chainlink was hovering around the $12.38 zone at the time of writing.
