Crypto whales are enthusiastically accumulating a popular altcoin that operates on the Ethereum network, according to a prominent on-chain analyst. Ali Martinez, who has a large following on social media platform X, revealed that deep-pocketed investors have acquired millions of dollars’ worth of the decentralized oracle Chainlink (LINK) in just one week. Martinez warned last week that Chainlink appeared to have broken down from a head-and-shoulders reversal pattern after it breached support at $12. He now cautions that the altcoin may be in the process of turning a previous support level into resistance. Looking at Martinez’s chart, it suggests that LINK could potentially plummet to as low as $6.80, a decline of nearly 50% from its current price of $13.10.
