Chainlink Bulls Run Imminent? Whale Buys $1 Million of LINK
Chainlink’s local token Link is still attracting traders’ attention despite the continued market uncertainty. This is due to the continued accumulation of whales in recent days and bullish price action on the Link chart.
Dex Trader Buys $1 million link
Recently, Icrypto, a blockchain-based transaction tracker, posted on X (formerly Twitter) that Smart Dex traders started re-summarizing links in an ongoing merger. According to the post, Wallet address 0xBB90 has purchased 532,000 link tokens worth $1.01 million in the past 24 hours.
This is the second time the wallet has made a major bet on the link. According to available data, the wallet previously earned $630,000 in revenue from investments on the link, with nearly 136% gains.
With this impressive trail, the tokens are likely to soar significantly in the next few days.
Apart from that, a well-known crypto expert posted on X, further supporting this bullish outlook. In the post, experts stressed that the Brynn band is squeezing Link’s 12-hour chart, suggesting that a highly volatile move is likely to be about to take place.
Participation and current price momentum
Despite the positive prospects on the link, the price of the asset remains unchanged. Currently, it is trading at close to $18.85, with a price of just 0.85% in the past 24 hours. However, its trading volume surged by 80% during the same period, indicating an increasing participation of traders and investors amid bullish price action and continued accumulation.
Chain Links (Links) Technical Analysis and Upcoming Levels
According to expert technical analysis, Related It seems that the rising triangle pattern has formed over a four-hour time frame and is currently being supported by the uptrend line.
Historical data show that this trend line’s price reversals historically, and whenever the price of an asset drops to this level, it tends to gain overhead momentum, suggesting a potential rebound.
In addition to this bullish pattern, if the link is above the upward trend line, it is likely to soar 17% to reach the next $22 level.
