Crypto Whales Accumulate $76.88 Million Worth of Chainlink (LINK) in Just 7 Days, On-Chain Analyst Says

A closely followed on-chain analyst says crypto whales are heavily loading up on an altcoin running on the Ethereum (ETH) network.

A popular on-chain analyst says that crypto whales are acquiring large amounts of an altcoin that operates on the Ethereum (ETH) network.

Ali Martinez tells his 66,900 followers on the social media platform X that deep-pocketed investors have amassed tens of millions of dollars in the decentralized oracle Chainlink (LINK) over a seven-day period.

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

Last week, Martinez warned that Chainlink appeared to have broken down from a head-and-shoulders reversal pattern after it lost support at $12.

Traders pay close attention to charts that display a head-and-sholders pattern, as it typically indicates that the asset is expected to experience downside price action.

With LINK trading slightly above $13, the trader now warns that the Ethereum-based altcoin may be converting a previous support level into resistance.

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

Based on the trader’s chart, it appears that he anticipates LINK could potentially drop to as low as $6.80, which would be a decline of nearly 50% from current levels.

At the time of writing, LINK is valued at $13.10, up over 6% in the past 24 hours.

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