There is no shortage of optimism surrounding what traders could expect from the cryptocurrency market this year. Although the first four months haven’t gone as many expected, there is belief that a market rally may be nearing. That could be the case for Chainlink, as whales added 25 million LINK with all eyes on one key price level incoming.
The industry saw Bitcoin experience a game-changing surge this week that could ignite a shifting sentiment for the industry. Indeed, the asset reached a new all-time high of $111,000 before retreating to close the week. That could play a part in what traders can expect from Chainlink as the summer kicks off.
Also Read: Chainlink Rallies 17% in Two Weeks: Can LINK Hit $17 Next?
Chainlink Eyeing One Key Price Level as Whales Load Up On LINK
The digital asset sector saw a major development take place in May, as JPMorgan changed the game for tokenization. Indeed, the $4 trillion asset manager and investment fulfilled its first tokenized transaction on a public blockchain. Moreover, it wasn’t possible without the help of Chainlink.
The network played a key role in that and is looked at as a critical part of the emerging tokenization industry. That could play a key part in its eventual price movement, as experts are expecting big things from this month. Specifically, Chainlink whales have loaded up on 25 million LINK as its price eyes a critical level.
Also Read: Chainlink Doubles Investor’s Money: Should You Invest in LINK Now?
According to a recent report, wallets holding between 100,000 and 10 million LINK have grown to reach 375 million, jumping from 350 million since February. Moreover, data shows there has been a stark increase in large transaction counts. This is usually an indicator of whale movement for the top institutional investors.
That has propelled Chainlink back to the $16 mark. Moreover, its increase has seen the asset exceed its 200-day exponential moving average (EMA) at that price point. Moreover, it shows a target off the $18 supply zone. That signals a 40% surge could be on the horizon amid a recovery, which would see the asset target the $25 level. This would coincide with the 78.6 Fibonacci level, supported by a 58 Relative Strength Index showing bullish momentum could be nearing.
Credit: Source link
