Chainlink (LINK) is showing signs of a bullish reversal, trading near $9.08 with 5.39% weekly gains. A key signal is the accumulation of 3.3 million LINK tokens by large investors, or whales, over the past week. Technical analysis indicates LINK has reclaimed its major exponential moving averages, suggesting a potential trend change.
Chainlink price holds near $9.08, reflecting weekly gains of 5.39% despite a minor daily correction. The token’s 24-hour trading volume surged 68.73% to $801.3 million, while its market capitalization reached $6.6 billion.
Whale accumulation of 3.3 million LINK tokens signals rising institutional confidence. This activity suggests that high-net-worth holders and institutions may be positioning early in anticipation of future market movements, as stated by the analyst Ali Charts on social media.
LINK has formed a pattern of higher lows since its March trough below $8.35. The token has reclaimed major EMAs, with the 20-period average now acting as dynamic support at a collective $8.95.
Technical indicators show a bullish crossover pattern and strong buying pressure. TradingView data indicates the Relative Strength Index stands at 61.21, while the MACD shows a bullish crossover with a green histogram.
