Chainlink’s price has formed a double-bottom pattern, indicating a potential rebound, as whales accumulate the token. The largest oracle provider bottomed at $20.12 on Friday and rebounded to $22.50 on Sunday, Dec. 22.
Despite being about 27% from its highest point this month, Chainlink remains in a bear market. However, signs of whale accumulation show promise. According to LookOnChain, nine new wallets withdrew 362,380 coins from Binance in the last two days, valued at over $8.19 million. This is not the only sign of accumulation; Crypto.news reported another whale accumulated 65,000 LINK coins valued at $1.8 million.
The accumulation follows a week after World Liberty Financial (WLFI), the DeFi platform launched by the Trump family, bought over 78,300 LINK tokens valued at over $1.7 million. Chainlink’s fundamental strength and its position as the biggest oracle in the sector with over $35 billion in total value secured make it an attractive investment.
Justin Sun’s Tron has also switched to using Chainlink’s oracles, a major partnership that can drive growth in the ecosystem. Additionally, Chainlink has formed partnerships with companies like Coinbase, Emirates NBD, SWIFT, and UBS in the Real World Asset tokenization industry.
Chainlink’s price remains above the 50-day moving average on the daily chart, forming a double-bottom pattern at $20.12. This pattern is a bullish reversal sign, indicating that the coin may bounce back. Investors are targeting the key psychological level of $30, about 35% above the current level. However, if the price drops below $20.12, the bullish view will become invalid.
Source: https://crypto.news/chainlink-price-double-bottoms-as-whales-accumulate