CandleFocus

Whale Accumulation Could Spark Chainlink (LINK) Price Recovery

Author: Content Editor
Chainlink (LINK) price is currently facing bearish momentum as indicated by the formation of a death cross on its EMA lines. Whale activity and the MVRV ratio provide mixed signals about LINK's future. However, recent data shows that whales holding between 100,000 and 1,000,000 LINK tokens are recovering after the recent correction, suggesting renewed confidence and potential for future gains. The increase in whale activity may lead to accumulation and a possible price rally. Additionally, the 7-day MVRV ratio has declined, indicating that more holders are at a loss, which could shift investor behavior. Historically, a deeply negative MVRV ratio has attracted opportunistic buyers and led to a rebound in LINK price. Meanwhile, LINK's EMA lines are currently in a bearish state, indicating a continuation of the correction. If the downtrend persists, support levels at $9.9 and $9.3 may be tested, with a potential further decline to $8. On the other hand, if the trend reverses, LINK's price could rise back to $11.7 and potentially reach $13.

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