Despite short-term bearishness, Chainlink whales seem to be taking the opportunity to accumulate more LINK tokens for the long run.

According to on-chain data aggregator Lookonchain, one whale recently spent $1.25 million to add 82,957 LINK to their wallet at $15.11 per token. This transaction came after the whale sold another cryptocurrency at a profit, suggesting they are redeploying funds into LINK.

The whale now holds around 193,438 LINK worth $2.87 million purchased at an average price of $14.82. These large, aggressive buys on price dips indicate long-term conviction even as technicals weaken.

An analysis by AltFins highlights growing near-term bearishness after the powerful LINK rally last month. As they explained, the MACD line recently crossed below the MACD signal line, suggesting bullish momentum is stalling.

They note LINK remains in an uptrend across short, medium and long-term timeframes. However, with the price having hit unsustainable overbought levels, the pullback is now seeing “selling pressure” emerge.

Yet AltFins remains constructive on LINK over the long run due to its key role as a leading oracle provider. With more real-world assets getting tokenized, data oracles become critical infrastructure. This strengthens the bull case for LINK.

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As they noted, breaking back above the 200-day moving average confirmed Chainlink’s uptrend, opening the way to test the $18 resistance level. For now, LINK seems bound to this short-term correction, but the whales stacking LINK on dips see the bigger picture. Their aggressive accumulation provides a contrarian bull signal amid the bearish momentum.

The post Chainlink Whales Accumulate for a Rally as LINK Turns Bearish Across All Timeframes: Here’s the Next Price Target appeared first on CaptainAltcoin.

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