Crypto Whales Accumulate Millions in Chainlink (LINK) on Ethereum Network: Analyst

Crypto whales are making big moves in the altcoin market, with a recent report showing that they are heavily loading up on Chainlink (LINK), a decentralized oracle running on the Ethereum network. According to on-chain analyst Ali Martinez, these deep-pocketed investors have accumulated over 6.2 million LINK in just seven days, totaling nearly $77 million.

However, the excitement around Chainlink may be short-lived as Martinez warns of a potential downside for the altcoin. Last week, he pointed out a head-and-shoulders reversal pattern on the charts, indicating a possible bearish trend for LINK. With the recent price action hovering around $13, Martinez cautions that the altcoin could be on the verge of flipping a previous support level into resistance, potentially leading to a significant drop to as low as $6.80.

Despite the warning, LINK is currently trading at $13.10, up over 6% in the past day. Traders and investors are advised to keep a close eye on the price action of Chainlink and exercise caution when making investment decisions in the volatile cryptocurrency market.

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