A closely watched on-chain analyst says crypto whales are heavily into an altcoin running on the Ethereum (ETH) network.
Ali Martinez tells his 66,900 followers on the social media platform
“Chainlink Whales collected over 6.2 million LINKs last week, raising a total of approximately $76.88 million!”
Last week, Martinez warned that Chainlink appears to have exited the head-and-shoulders reversal pattern after clearing support at $12.
Traders keep a close eye on charts showing a head-and-shoulders pattern as it indicates that the asset is about to see downward price movements.
With LINK trading just above $13, the trader is now warning that the Ethereum-based altcoin may be in the process of turning a previous support level into resistance.
“Be careful with Chainlink! The recent rise to $13 could have been a retest of the neckline of the head and shoulders pattern.”
Looking at the trader’s chart, he seems to predict that LINK could fall to $6.80, a potential drop of almost 50% from current levels.
At the time of writing, LINK is trading at $13.10, up more than 6% in the past day.
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Generated image: Midjourney