Chainlink’s Price Stalls, But Whales adn Partnerships Signal Upward Trend
Chainlink (LINK) has been hovering around $14.20 recently. this price is 45% higher then its lowest point this year. Despite the current stagnation, signs point to a potential rebound.
Whale activity is a key indicator. Large investors have been buying more LINK.According to Santiment data, those holding between 100,000 and 1 million coins now own 173 million LINK.This is up from 143 million in November. Their holdings have increased by 30 million coins, worth about $420 million.
Whales with 1 million to 10 million coins have also increased their holdings. They now own 203 million LINK, up from 183 million in February.
Another positive sign is the drop in LINK supply on exchanges. It has fallen from 21% in march to 19%, the lowest since March 13. This suggests holders are less likely to sell.
Chainlink’s partnerships with major institutions like Swift and DTCC are also promising. DTCC is exploring Chainlink’s Cross-Chain Interoperability Protocol to modernize mutual fund data. Swift wants to use Chainlink’s solutions to move tokenized assets globally.
Technically, LINK has rebounded from a low of $9.9720 in April. It is now above the 50-period moving average. The coin has formed a falling wedge and inverse head and shoulders pattern. These are bullish signs. LINK could rise to $20, a 30% increase from its current level.
