Chainlink (LINK) has seen the biggest increase in whale activity and unique active addresses among altcoins in the past few days, even as most cryptocurrencies drop in price.
This surge in whale activity comes as the Chainlink price has decreased by 14.61% in the past week and by 16.39% over the last month. It has fallen slightly below the key $20 level and is currently changing hands for $19.92.
Whale Transactions at a 14-Month High: 1,659 Large Transfers Recorded
According to the analytics platform Santiment, Chainlink (LINK) saw increased activity from large investors and more unique active users amid the overall decline in the crypto market.
There have been 1,659 transactions over $100K, the highest number since December 2023. Additionally, there are 9,531 active wallets, which is the most in four weeks.
The increase in on-chain activity suggests that, despite falling prices, investors and smart money are preparing for a possible Chainlink price rebound even though the LINK price is still below $20. As shown on Santiment, historical patterns show that significant whale transactions happen before price increases, making LINK a key altcoin to watch.
Moreover, this pattern indicates growing confidence among institutional or high-net-worth investors in Chainlink’s long-term value. If altcoins start to recover, as Santiment predicts, Chainlink’s increased on-chain activity could signal a possible bullish breakout in the upcoming weeks.
Chainlink Price Prediction: What is Next for LINK?
The current state of the crypto market is unpredictable due to several factors, such as regulations, economic events in the U.S., and the involvement of institutional investors. However, Chainlink’s (LINK) technical analysis shows a clear consolidation pattern that could lead to either a breakout or a breakdown.
A crypto analyst, “@Nebraskangooner,” shared a chart with his over 376,000 followers, showing a descending triangle formation. This means resistance is slowly decreasing while support remains strong.
If the LINK price breaks below support, it could drop to $12.00 or lower, indicating a bearish trend. On the other hand, if it breaks above resistance, it could reach new local highs.
The trader advises waiting for confirmation before making any moves, as price action may be choppy.
In addition, while whale activities are increasing, which might mean they are positioning themselves for a rebound, another popular analyst, Ali, noted a significant LINK sell-off, with 4.13 million tokens sold in the last 48 hours. This could create bearish pressure.
This selling may be due to profit-taking, risk management, or changing opinions among major investors, which might lead to further declines if smaller investors follow their lead.
Still, these whale movements may offer buying opportunities for those expecting a rebound. Traders should monitor volume, support levels, and overall market conditions to determine the next move of Chainlink (LINK).
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