LINK, the native token of Chainlink, has been making waves in the crypto community after news broke of former President Donald Trump’s $4.7 million investment in the token. This significant investment has caught the attention of large-scale investors, who have also jumped on the LINK bandwagon.
Crypto Whales Buy 770K LINK
On January 21, 2024, a well-known crypto expert took to social media to announce that investors had amassed a substantial 770,000 LINK tokens, totaling $19.48 million, in just 24 hours. Despite this massive accumulation, the price of LINK remained relatively unaffected.
At the time of writing, LINK is trading around $25.70, experiencing a slight decline of 2.50% in the past day. The token’s trading volume also dropped by 44%, indicating lower participation from traders, possibly due to profit-taking ahead of Trump’s inauguration.
Chainlink (LINK) Technical Analysis and Upcoming Levels
Technical analysis suggests that LINK is currently in a bullish trend, having successfully retested the bullish Cup and Handle pattern on the weekly chart. The token is poised for a significant upside rally, although it is currently consolidating within a narrow range due to overall market sentiment.
If LINK manages to break above the upper boundary of the consolidation and close a daily candle above the $26.40 level, there is a strong chance it could rally by 50% to hit the $38.50 mark in the near future. The Relative Strength Index (RSI) for LINK is at 52, indicating a potential price reversal and signaling room for substantial growth in the coming days.
Traders’ Bearish Outlook
Despite the overall bullish outlook, traders seem to have a bearish sentiment towards LINK, according to Coinglass data. The Long/Short ratio for LINK currently sits at 0.92, showing a bearish sentiment among traders. Over the past 24 hours, approximately 48.65% of top traders have taken long positions, while 51.35% have favored short positions.
It seems that investors are capitalizing on the current price levels to accumulate more LINK tokens, while traders are making decisions based on market sentiment. As the crypto market continues to evolve, it will be interesting to see how LINK performs in the coming days and whether Trump’s investment will have a lasting impact on the token’s price.