In the crypto market, large wallet owners (whales) continue to be on the agenda with their transactions. Whales are generally known as smart investors and that is why they are followed closely by traders. However, whales don’t always win either! This time, a LINK whale sold its tokens at a loss. Meanwhile, a popular analyst is predicting a 20 percent rally for the altcoin.
Whale panicked and sold his LINK tokens at a loss!
On-chain analytics platform Spotonchain shared that a LINK whale sold its tokens at a loss. The whale in question (address 0xb0a) purchased 143,203 LINK between September 18 and September 20 at an average price of $6.83. He paid a total of $978,525 for this purchase. However, the whale sold all his tokens today during the sudden drop in the altcoin price to $6.74. After this, the LINK price started to rise. At press time, LINK was trading at $6.94, up 1.67% on a daily basis. The whale lost approximately 13,000 dollars from this transaction.
Source: SpotonchainPopular analyst predicts 20% rally for LINK
Rekt Capital, one of the leading names in the crypto community, shared his views on Chainlink’s recent performance. According to the analyst, LINK has respected the range-high resistance, which was an important milestone following the significant price increase in July. This success sparked hopes for a continued upward trajectory. Despite its promising trend, LINK has experienced some volatility in recent weeks. The altcoin fell to $5.76, a level that Rekt Capital noted was near the asset’s range-low support.
However, Chainlink recorded an increase of 1.67% in the last 24 hours at its price of $6.94. It also rallied an impressive 15.5% on a weekly basis. Therefore, according to the analyst, the altcoin is regaining its bullish momentum. These positive indicators have fueled anticipation within the crypto community.
$LINK has already rebounded +18% from the Range Low support
Over time, #LINK should be able to revisit the Range High resistance above
Sign up to my Newsletter for more Altcoin analysis:https://t.co/viQJzlETBI#Crypto #Chainlink pic.twitter.com/AJPbDzmBbR
— Rekt Capital (@rektcapital) September 18, 2023
Bullish forecast for altcoin
Rekt Capital’s analysis is not limited to current price trends. The crypto analyst predicts that Chainlink will revisit the “range-high resistance” located around $8,186. If this prediction turns out to be correct, it will mean an additional 20.5% increase from the current price. This means more profits for altcoin holders.
This price increase coincides with a notable rise in Chainlink’s Relative Strength Index (RSI), which was above 60 as of last analysis. An RSI above 60 indicates a strong bullish trend in the market. Moreover, the altcoin broke above the short-term Moving Average that previously acted as a resistance. Additionally, it is approaching a position where it could surpass the long-term Moving Average. This indicates the potential for continued upward movement.
LINK price chart. Source: TradingView
