bullish

Chainlink

<ul>
 <li>Chainlink (LINK) aims to recover losses from late July.</li>
 <li>Whales add 3.4 million LINK in two days, signaling renewed confidence.</li>
 <li>RSI approaches overbought zone, potentially risking the current rally.</li>
</ul>
<a href="https://thenewscrypto.com/?s=Chainlink" target="_blank" rel="noopener noreferrer nofollow">Chainlink</a> (LINK) has emerged as a standout performer in the cryptocurrency market, staging an impressive recovery that aims to recoup losses incurred in late July. This resurgence, however, brings with it a paradoxical challenge: the potential for overheating due to intense bullish sentiment.
The altcoin’s recent price action has caught the attention of whales, who have demonstrated renewed confidence in LINK’s prospects. In a remarkable display of accumulation, these players have added over 3.4 million <a href="https://thenewscrypto.com/?s=link" target="_blank" rel="noopener noreferrer nofollow">LINK </a>tokens to their holdings in just two days, representing an influx of approximately $40 million.
<figure class="wp-block-image size-large"><img decoding="async" width="1024" height="683" src="https://thenewscrypto.com/wp-content/uploads/2024/08/image-83-1024x683.png" alt="" class="wp-image-106351" srcset="https://thenewscrypto.com/wp-content/uploads/2024/08/image-83-1024x683.png 1024w, https://thenewscrypto.com/wp-content/uploads/2024/08/image-83-300x200.png 300w, https://thenewscrypto.com/wp-content/uploads/2024/08/image-83-768x512.png 768w, https://thenewscrypto.com/wp-content/uploads/2024/08/image-83.png 1200w" sizes="(max-width: 1024px) 100vw, 1024px">
 <figcaption class="wp-element-caption">
 Source:&nbsp;<a href="https://app.intotheblock.com/" target="_blank" rel="noopener noreferrer nofollow">IntoTheBlock</a>
 </figcaption>
</figure>
<h2 class="wp-block-heading" id="h-chainlink-shows-increased-whale-activity">Chainlink shows increased whale activity</h2>
This surge in whale activity has propelled total inflows from 256,000 LINK to an impressive 3.71 million LINK, underscoring the growing optimism surrounding the token.
This substantial increase in whale accumulation suggests that LINK’s recent price appreciation has not gone unnoticed by major market participants.
The influx of capital from these influential investors could potentially fuel further upward momentum, reinforcing the bullish narrative surrounding Chainlink.
However, the rapid pace of this accumulation has pushed LINK into potentially precarious territory. The Relative Strength Index (RSI), a key technical indicator, signals that Chainlink is approaching overbought conditions.
This development raises concerns about the sustainability of the current rally, as overbought conditions often precede price corrections or consolidation phases.
From a price action perspective, LINK faces a critical juncture at the $12.00 level, which has historically served as a significant support and resistance point. Breaking above this threshold could pave the way for substantial recovery of profits lost during the July downturn.&nbsp;

Chainlink Aims to Recover Late July Losses: What’s Next For LINK?

Table of Contents

TheNewsCrypto

Other articles published on Aug 23, 2024

Cardano (ADA) Flashes Bullish Signals Ahead of Voltaire Upgrade

SEC Halts Submission of 19b-4 Form for Solana ETF Amid Security Classification Concerns

Colombia Launches Probe into Worldcoin’s Data Practices

Bitcoin Approaches $61,000 as Altcoins Gain Momentum

Coinbase Enhances Stablecoin Offering with EURC Integration on Solana

SunPump Surges Ahead of Pump.fun With $585,000 Revenue in a Day

Join our free newsletter for daily crypto updates!