On June 6, Chainlink (LINK) price hit a three-year low of $5.06. After ending two-consecutive months in the red, LINK appears to have found a bottom at $5. With whales now looking to scoop the dip, what are the chances Chainlink will enter a bullish price reversal in the coming weeks? 

Over the past few days, Chainlink has witnessed a significant surge in whale trading activity. With other strategic investors now considering staking their Chainlink tokens to mitigate unrealized losses, LINK looks set for an imminent price recovery. 

Chainlink Whales Transaction Hits 2023 Peak 

After nearly three months in decline, Large institutional investors in the Chainlink network have started betting big on LINK once again. The IntoTheBlock chart below shows that whale transactions involving LINK reached a 2023 peak on June 10. 

Notably, between June 4 and June 13, it surged nearly 400% from 21 transactions to 103 Large transactions. 

The ‘Large Transactions‘ metric evaluates whale investors’ activity by summing up daily transactions exceeding $100,000. 

Whale investors are critical to the viability of any blockchain ecosystem. They provide liquidity to the markets and soak up significant sell pressure during periods of contraction.

With prices sinking to three year lows, the whales are now positioning for an

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Author: Ibrahim Ajibade

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