- Crypto whales load up on Chainlink (LINK), a most popular altcoin.
- Altcoin index tests major resistance, as Bitcoin Dominance dips.
- Bullish altseason arrival imminent, how high will LINK price go?
The prices of Bitcoin sank to a lower price range, kicking off the week with substantially high liquidations, most of which came from long positions. With BTC price sinking, altcoin prices fall alongside it. However, the price of ETH continues to outperform BTC, drawing attention to potential altcoins. Presently, crypto whales load up on Chainlink (LINK) as the altcoin index tests major resistance.
Crypto Whales Load Up on Chainlink (LINK)
With Bitcoin trading in the $115,000 price range and Ethereum (ETH) trading in the $4,200 price range, analysts are expecting a slowdown in crypto market prices and possibly a red month in September. However, traders and investors only see this as a grand opportunity to accumulate the crypto market’s most promising assets, including several legacy altcoins that have yet to reclaim their previous ATH prices.
Since the start of the year, crypto whales have been steadily accumulating more and more of their favorite and highly potential crypto assets, especially altcoins, during every market dip so far. With the present drop in prices, whales are once again taking advantage of a golden opportunity to load up on their favorite altcoin assets. The altcoin catching whales’ interest at the moment is Chainlink (LINK) .
As we can see from the post above, whales are accumulating the popular altcoin , Chainlink (LINK). This asset is expected to reach bullish new ATH targets in the altseason peak phase. The post above shows that one whale withdrew 721,294 LINK worth $17.44 million from Binance in the past 2 days, while another withdrew 169,615 LINK, worth $4.16 million. In total, these whales have accumulated 275,002 LINK worth $6.65 million over the past month.
Altcoin Index Tests Major Resistance
With the shift in the crypto market, starting with the market getting ready for another possible correction, giving whales a chance to accumulate altcoins at high prices, analysts are certain that altcoins will soon dominate. As we can see from the post above, a bearish MACD cross that only happened in 2017 and 2021 is playing out again, signaling another altseason surge for the ongoing bull cycle.
Another bullish altcoin sign comes from Bitcoin Dominance slowly dipping to lower scores. Analysts believe a flip to altcoin dominance is in the works, and as we can see from the post above, the altcoin index is testing a major resistance at the moment, and if it breaks above this previous top successfully, then altcoins will have a good rally, ushering in new ATHs of their own.
