🌎 Chainlink Forms Double-Bottom Pattern Amid Whale Accumulation

Chainlink Forms Double-Bottom Pattern, Whales Accumulate Tokens

Chainlink (LINK), the largest oracle provider in the cryptocurrency market, has formed a double-bottom pattern, indicating a potential rebound. This development comes as whales have started accumulating the token, which could be a bullish sign for the coin’s price.

Whale Accumulation and Partnership Growth

According to recent data, nine new wallets withdrew 362,380 LINK coins from Binance, valued at over $8.19 million. This accumulation is not an isolated incident, as another whale purchased 65,000 LINK coins valued at $1.8 million last week. The buying activity from whales could be a sign of increased confidence in the token.

Additionally, World Liberty Financial (WLFI), a DeFi platform launched by the Trump family, purchased over 78,300 LINK tokens valued at over $1.7 million. The Trump family’s involvement in WLFI could further boost the adoption of LINK in the market.

Chainlink’s Ecosystem and Partnerships

Chainlink is known for its strong fundamentals, securing over $35 billion in total value. The platform’s ecosystem is likely to grow as more chains and networks adopt its technology. Recent partnerships with companies like Coinbase, Emirates NBD, SWIFT, and UBS in the Real World Asset tokenization industry have further solidified LINK‘s position in the market.

Double-Bottom Pattern and Price Outlook

The LINK price has dropped sharply in recent days due to concerns about the Federal Reserve. However, the token has remained above the 50-day moving average on the daily chart and has formed a double-bottom chart pattern at $20.12. This pattern is considered one of the most bullish reversal patterns in the market.

LINK has also formed an inverse hammer pattern, a popular reversal sign. As a result, the coin is likely to bounce back in the next few days, targeting the key psychological level at $30, which is about 35% above the current level.

However, if the coin drops below the double-bottom point at $20.12, the bullish view will become invalid.