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Home»ALTCOIN NEWS»According to analysts, crypto whales have swallowed $76 million worth of Ethereum-based altcoins in just one week.
ALTCOIN NEWS

According to analysts, crypto whales have swallowed $76 million worth of Ethereum-based altcoins in just one week.

By Crypto FlexsJuly 10, 20242 Mins Read
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According to analysts, crypto whales have swallowed  million worth of Ethereum-based altcoins in just one week.
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Cryptocurrency whales are investing heavily in altcoins that run on the Ethereum (ETH) network, according to a prominent on-chain analyst.

Ali Martinez told her 66,900 followers on social media platform X that deep-pocketed investors had amassed tens of millions of dollars worth of decentralized oracle Chainlink (LINK) in just seven days.

“Chainlink whales bought over 6.2 million LINK last week, for a total value of approximately $76.88 million!”

Source: Ali Martinez/X

Last week, Martinez warned that Chainlink appeared to have broken out of a head and shoulders reversal pattern after breaking out of support at $12.

Traders watch charts closely for head and shoulders patterns because they expect the asset to show a downward price movement.

With LINK trading slightly above $13, the trader warned that the Ethereum-based altcoin could be in the process of flipping its previous support level into resistance.

“Beware of Chainlink! The recent surge to $13 may have been a retest of the neckline of the head and shoulders pattern.”

video
Source: Ali Martinez/X

Looking at the trader’s chart, it seems like he is predicting that LINK could crash to $6.80, which would represent a drop of around 50% from current levels.

As of this writing, LINK is trading at $13.10, up more than 6% over the past day.

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Disclaimer: The opinions expressed on The Daily Hodl are not investment advice. Investors should do their own due diligence before making any high-risk investment in Bitcoin, cryptocurrencies or digital assets. Your transfers and transactions are your responsibility and any losses you may incur are your responsibility. The Daily Hodl does not recommend buying or selling cryptocurrencies or digital assets and The Daily Hodl is not an investment advisor. The Daily Hodl participates in affiliate marketing.

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