Whales Invest $20M in Chainlink (LINK) Following Trump’s Inauguration
Chainlink’s native token LINK has received a lot of attention from cryptocurrency enthusiasts following Donald Trump’s recent $4.7 million investment. This huge investment attracted large investors who also invested in LINK tokens.
Crypto whale buys 770K link
Today, January 21, 2024, a prominent cryptocurrency expert shared a post on X (formerly Twitter) stating that investors accumulated 770,000 LINK in the past 24 hours, worth $19.48 million . However, this massive accumulation has not had any impact on LINK prices.
At press time, LINK was trading near $25.70, with the price down 2.50% in the past 24 hours. During the same period, its intraday trading volume fell by 44%, indicating lower participation from traders, possibly due to profit-taking in response to the market’s reaction ahead of Trump’s inauguration.
Chainlink (LINK) Technical Analysis and Upcoming Levels
According to expert technical analysis, association Looking bullish as it has successfully retested the bullish cup and handle price action pattern on the weekly time frame and is poised for a sharp upside rebound. Meanwhile, altcoins currently appear to be consolidating within a tight range amid prevailing market sentiment.
Based on historical price momentum, if LINK breaks the consolidation ceiling and closes the daily candle above $26.40, it has a good chance of rising 50% to $38.50 levels in the coming days.
Additionally, LINK has a relative strength index (RSI) of 52, indicating a potential price reversal and suggesting that the asset has enough room for significant gains in the coming days.
Traders bearish outlook
Coinglass data shows traders trading LINK appear bearish due to ongoing consolidation. Currently, LINK has a long-short ratio of 0.92, indicating bearish sentiment among traders. The data further revealed that around 48.65% of the top traders were betting on long positions in the past 24 hours, while 51.35% favored short positions.
Looking at the current market sentiment, it appears that investors are taking advantage of current prices and appear to be accumulating, while traders appear to be trading based on market sentiment.
