Chainlink Price Bull Market Incoming? Whales Spark Recovery

Source: CryptoStars

Over the past month, Chainlink (LINK) has suffered from a bearish. After a steep drop into the red in the middle of May though, Chainlink’s price appears to be rebounding.

Notably, between April 11 and May 11, the asset dropped from $8.57 to a low of $6.37. Bulls are beginning to reclaim market control, however, so many coins that have also suffered over the past month are beginning to recover. Chainlink’s native token is one of them, seeing a slow rise in the last 24 hours back to $6.51.

Source: Pixabay

Chainlink currently has an estimated market cap of $3.35 Billion. LINK’s 24-hour trading volume is up within the last 24 hours by 80.93%. This indicates the return of high trading activity in the market, especially amongst bulls.

Additionally, the markets show that Chainlink whales are perhaps looking to accumulate a lot of LINK. The Moving Average Convergence/Divergence (MACD) is trading above the signal line of 6.536.

With LINK whales returning, this is an encouraging sign for the price of Chainlink. One of the top tokens on the market, whales help push the rally of the coin. In conclusion, keep an eye on Chainlink as it recovers from an extended bearish market, a bull rush may be in the future.