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<p>We are off to a great start for crypto this week. As Bitcoin and Ethereum are now above $62k and $3.3k, the overall sentiment in the market is positive.</p>
<p>One of the altcoins that’s “waking up” is Chainlink’s LINK with a 5% pump today. <a href="https://coinmarketcap.com/currencies/chainlink/" target="_blank" rel="noopener noreferrer nofollow">The LINK price</a> is now close to $14.</p>
<p>However, that’s not the biggest news when it comes to Chainlink.</p>
<h2 class="wp-block-heading" id="whale-institution-goes-on-a-massive-buying-spree">Whale/Institution Goes on a Massive Buying Spree</h2>
<p>LookOnChain reported yesterday that a mysterious whale or institution accumulated 12.75 million LINK, which is equivalent to $167 million.</p>
<p>They did this with 93 different wallets in the last 3 weeks as they withdrew all of these funds from <a class="thirstylink" rel="noopener noreferrer nofollow" target="_blank" title="Binance" href="https://captainaltcoin.com/go/binance/" data-shortcode="true">Binance</a>.</p>
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
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   <p lang="en" dir="ltr">It seems that a mysterious whale/institution is accumulating <a href="https://twitter.com/search?q=%24LINK&amp;src=ctag&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">$LINK</a>!<br><br>We noticed 93 fresh wallets withdrawing 12.75M <a href="https://twitter.com/search?q=%24LINK&amp;src=ctag&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">$LINK</a>($167M) from <a href="https://twitter.com/hashtag/Binance?src=hash&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">#Binance</a> since June 24!<a href="https://t.co/SkqA1r0F1N" target="_blank" rel="noopener noreferrer nofollow">https://t.co/SkqA1r0F1N</a> <a href="https://t.co/AJR4fT36VG" target="_blank" rel="noopener noreferrer nofollow">pic.twitter.com/AJR4fT36VG</a></p>— Lookonchain (@lookonchain) <a href="https://twitter.com/lookonchain/status/1812401921300520995?ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">July 14, 2024</a>
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<p>Whale accumulation of this magnitude is important for Chainlink holders and potential investors. It demonstrates strong belief in the project’s potential and could be a sign of bigger price movements on the horizon.</p>
<p>When large players make such substantial investments, it often indicates confidence in the asset’s future value and utility. This accumulation might also reduce the available supply in the market, potentially leading to increased demand and price appreciation.</p>
<p><em><strong>Read also: <a href="https://captainaltcoin.com/heres-why-internet-computer-icp-price-is-pumping/" target="_blank" rel="noopener noreferrer nofollow">Here’s Why Internet Computer (ICP) Price is Pumping</a></strong></em></p>
<h2 class="wp-block-heading" id="link-price-forecast-and-analysis">LINK Price Forecast and Analysis</h2>
<p>I took a look at the LINK/USD price chart. There’s not much different to see there compared to most top altcoins right now; the price is in a downtrend as it’s trading well below its yearly high of around $20. This price was hit in March.</p>
<p>Precisely, LINK has been trading in a descending triangle pattern, as marked with purple lines on the chart below:</p>
<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1024" height="411" src="https://captainaltcoin.com/wp-content/uploads/2024/07/image-528-1024x411.png" alt="" class="wp-image-526316" srcset="https://captainaltcoin.com/wp-content/uploads/2024/07/image-528-1024x411.png 1024w, https://captainaltcoin.com/wp-content/uploads/2024/07/image-528-300x121.png 300w, https://captainaltcoin.com/wp-content/uploads/2024/07/image-528-767x308.png 767w, https://captainaltcoin.com/wp-content/uploads/2024/07/image-528-1536x617.png 1536w, https://captainaltcoin.com/wp-content/uploads/2024/07/image-528-2048x823.png 2048w, https://captainaltcoin.com/wp-content/uploads/2024/07/image-528-373x150.png 373w, https://captainaltcoin.com/wp-content/uploads/2024/07/image-528-100x40.png 100w, https://captainaltcoin.com/wp-content/uploads/2024/07/image-528-871x350.png 871w, https://captainaltcoin.com/wp-content/uploads/2024/07/image-528-788x316.png 788w, https://captainaltcoin.com/wp-content/uploads/2024/07/image-528.png 1772w" sizes="(max-width: 1024px) 100vw, 1024px">
 <figcaption class="wp-element-caption">
  Source: <a class="thirstylink" rel="noopener noreferrer nofollow" target="_blank" title="Tradingview" href="https://captainaltcoin.com/go/tradingview-3/" data-shortcode="true">TradingView</a>
 </figcaption>
</figure>
<p>One worrying sign for LINK is also that it’s now trading below its 200-day moving average. This just shows that the first part of 2024 was not particularly successful for LINK. The 200-day MA is now $16.2, and LINK needs to flip this resistance level into support to “catch” that broader uptrend.</p>
<p>Generally, when the price is trading above the 200-day MA, it’s in an uptrend.</p>
<p>RSI on a daily chart is 62, which means the LINK price still has room for growth before it enters an overbought area.</p>
<p>MACD lines send different signals though, as the MACD line is now below the MACD signal line, which is generally a bearish sign.</p>
<figure class="wp-block-image size-large is-resized"><img loading="lazy" decoding="async" width="1024" height="196" src="https://captainaltcoin.com/wp-content/uploads/2024/07/image-529-1024x196.png" alt="" class="wp-image-526325" style="width: 100%;height:auto" srcset="https://captainaltcoin.com/wp-content/uploads/2024/07/image-529-1024x196.png 1024w, https://captainaltcoin.com/wp-content/uploads/2024/07/image-529-300x57.png 300w, https://captainaltcoin.com/wp-content/uploads/2024/07/image-529-768x147.png 768w, https://captainaltcoin.com/wp-content/uploads/2024/07/image-529-1536x294.png 1536w, https://captainaltcoin.com/wp-content/uploads/2024/07/image-529-2048x392.png 2048w, https://captainaltcoin.com/wp-content/uploads/2024/07/image-529-784x150.png 784w, https://captainaltcoin.com/wp-content/uploads/2024/07/image-529-100x19.png 100w, https://captainaltcoin.com/wp-content/uploads/2024/07/image-529-1828x350.png 1828w, https://captainaltcoin.com/wp-content/uploads/2024/07/image-529-788x150.png 788w, https://captainaltcoin.com/wp-content/uploads/2024/07/image-529.png 1165w" sizes="(max-width: 1024px) 100vw, 1024px">
 <figcaption class="wp-element-caption">
  Source: <a href="https://dexscreener.com/ethereum/0xa6cc3c2531fdaa6ae1a3ca84c2855806728693e8" target="_blank" rel="noopener noreferrer nofollow">DexScreener</a>
 </figcaption>
</figure>
<p>While the overall trend for LINK remains bearish, the recent whale accumulation could potentially shift the momentum.</p>
<p>The modest pump in the last 24 hours might be an early indication of this change. If LINK can maintain its current momentum and break above the descending triangle pattern, we could see a more significant upward move.</p>
<p>However, it’s crucial to note that the market sentiment and Bitcoin’s performance will likely play a role in LINK’s price action.</p>
<p>Traders should keep an eye on the $16.2 level (200-day MA) as a key resistance to overcome before any bigger pumps.</p>
<p><em><strong>Captain just hit his first 100x among a lot 2-5xs. Want to be a part of a profitable community?<br>Get all our future calls by joining our <a href="https://t.me/captainaltcoincom" target="_blank" rel="noopener noreferrer nofollow">FREE Telegram group.</a></strong></em></p>
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<p>The post <a href="https://captainaltcoin.com/mysterious-whale-massively-accumulates-chainlink-will-link-price-pump/" rel="noopener noreferrer nofollow">Mysterious Whale Massively Accumulates Chainlink – Will LINK Price Pump?</a> appeared first on <a href="https://captainaltcoin.com" rel="noopener noreferrer nofollow">CaptainAltcoin</a>.</p>

Mysterious Whale Massively Accumulates Chainlink – Will LINK Price Pump?

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