Million

Chainlink

<p>Amid ongoing bearish market sentiment, a whale seized the opportunity in <a href="https://coinpedia.org/price-prediction/chainlink-price-prediction/" target="_blank" rel="noreferrer noopener">Chainlink (LINK) and made a notable purchase</a>. On October 23, 2024, the blockchain-based transaction tracker Lookonchain made a post on X (previously Twitter) that a crypto whale wallet address “0x9cE” had purchased a significant 222,677 LINK tokens worth $2.55 million.</p>   
<h2 class="wp-block-heading" id="h-whale-adds-2-5-million-of-link-nbsp"><strong>Whale Adds $2.5 Million of LINK&nbsp;</strong></h2>   
<p>Lookonchain further noted that the average purchase price of this significant LINK acquisition is $11.5. This notable purchase amid bearish market sentiment has attracted considerable attention from crypto enthusiasts and suggests a potential buying opportunity.</p>   
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
 <div class="wp-block-embed__wrapper">
   https://twitter.com/EyeOnChain/status/1849045833809100964 
 </div>
</figure>   
<p>In addition to this significant purchase, the on-chain analytics firm <a href="https://x.com/intotheblock/status/1849045717286858936" target="_blank" rel="noreferrer noopener nofollow">IntoTheBlock</a> recently posted on X that LINK has experienced consistent negative exchange netflow over the past 30 days. This negative netflow suggests accumulation, as investors move their assets from exchanges to cold or private wallets.</p>   
<h2 class="wp-block-heading" id="h-chainlink-link-technical-analysis-and-upcoming-levels-nbsp"><strong>Chainlink (LINK) Technical Analysis and Upcoming Levels&nbsp;</strong></h2>   
<p>According to expert technical analysis, LINK appears bearish as it is at a crucial support level of $11.30. If the asset breaches this level and closes a daily candle below it, there is a strong possibility it could drop to the $10.5 level in the coming days.</p>   
<figure class="wp-block-image size-large">
 <a href="https://image.coinpedia.org/wp-content/uploads/2024/10/23212720/LINKUSDT_2024-10-23_21-27-07.png"><img src="https://image.coinpedia.org/wp-content/uploads/2024/10/23212720/LINKUSDT_2024-10-23_21-27-07-1024x448.png" alt="" class="wp-image-371099"></a>
 <figcaption class="wp-element-caption">
  Source: TradingView
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</figure>   
<p>Currently, LINK is trading below the 200-day <a href="https://coinpedia.org/traders/exponential-moving-average-ema/" target="_blank" rel="noreferrer noopener">Exponential Moving Average</a> (EMA) on the daily time frame, indicating a downtrend. Traders and investors commonly use the 200 EMA to determine whether an asset is in an uptrend or downtrend.&nbsp;</p>   
<h2 class="wp-block-heading" id="h-bearish-on-chain-metrics-nbsp"><strong>Bearish On-Chain Metrics&nbsp;</strong></h2>   
<p>LINK’s negative outlook is further supported by on-chain metrics. According to the on-chain analytics firm Coinglass, LINK’s Long/Short ratio currently stands at 0.87, indicating a strong bearish market sentiment among traders. Additionally, its open interest declined by 10% in the past 24 hours and 5.3% in the past four hours.&nbsp;</p>   
<figure class="wp-block-image size-large">
 <a href="https://image.coinpedia.org/wp-content/uploads/2024/10/23212759/image-104-209.png"><img src="https://image.coinpedia.org/wp-content/uploads/2024/10/23212759/image-104-209-1024x264.png" alt="" class="wp-image-371100"></a>
 <figcaption class="wp-element-caption">
  Source: Coinglass
 </figcaption>
</figure>   
<p>This declining open interest suggests that traders' positions are potentially being liquidated due to the ongoing price decline.&nbsp;</p>   [post_titles_links postid="371029"]   
<h3 class="wp-block-heading" id="h-current-price-momentum"><strong>Current Price Momentum</strong></h3>   
<p>At press time, LINK is trading near $11.26 and has experienced a price decline of over 8.3% in the past 24 hours. During the same period, its trading volume dropped by 30%, indicating decreased participation from traders and investors compared to the previous days.</p>

Whale Buys $2.55 Million of Chainlink, What’s Next?

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