Chainlink (LINK) price has now tumbled 11% from August 10 after the bears broke down the $7 support on Wednesday. However, the buying pressure from the bullish whales looking to scoop the dip could soon trigger a price rally. 

Last week, Chainlink announced the integration of its price feeds to Coinbase-led Layer-2 Network, Base. On-chain data now reveals that the integration has attracted the attention of Coinbase institutional investors to LINK.

But will this be sufficient to trigger a sustained LINK price rebound in the coming weeks? 

Whale Investors Have Chainlink on Their Radar

Due to its public-listing status, Coinbase is widely regarded as the choice crypto exchange for institutional investors in the US. This factor seems to have positively impacted LINK over the past week. 

Amid an industry-wide drop in demand, LINK has witnessed a noticeable surge in whale transactions this week. As shown below, Chainlink whales’ trading activity increased nearly three-fold from 40 to 117 transactions between August 12 and August 16. 

Whale Transaction Count tracks changes in whales’ trading activity by summing up the daily nu

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Author: Ibrahim Ajibade

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