Ethereum
Crypto Whales Gobble Up Over $76,000,000 Worth of Ethereum-Based Altcoins in a Week, Analyst Says
A closely followed blockchain analyst claims that crypto whales are loading up on an altcoin running on Ethereum (ETH) network.
Ali Martinez tells his 66,900 followers on social media platform X that deep-pocketed investors have accumulated tens of millions of dollars from decentralized oracle Chainlink (LINK) in just seven days.
“Chain-link whales caught over 6.2 million chain-link whales last week, worth approximately $76.88 million!”
Source: Ali Martinez/X
Last week, Martinez warned that Chainlink appeared to have broken out of a head-and-shoulders reversal pattern after breaking above support at $12.
Traders closely monitor charts exhibiting a head and shoulders pattern as this suggests that the asset is about to experience a price decline.
As LINK trades slightly above $13, the trader now warns that the Ethereum-based altcoin could be turning a previous support level into resistance.
“Be careful with Chainlink! The recent surge to $13 may have been a retest of the neckline of the head and shoulders pattern.”
Source: Ali Martinez/X
Looking at the trader’s chart, he seems to predict that LINK could drop as low as $6.80, a potential drop of nearly 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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