LINK Rallies by 7% in 24 Hours Following Whale Acquisition

While Bitcoin and the other leading altcoins continue to underperform, some cryptocurrencies have been recording positive performances. LINK is one of the top performers at the moment after adding more than 5% to its value in 24 hours.

Ethereum Whale Buys $4.6 Million Worth of LINK Tokens

WhaleStats, a platform dedicated to tracking the activities of the richest whales in the cryptocurrency space, revealed yesterday that an Ethereum whale had acquired 199,999 LINK tokens.

The acquisition was the second-largest on the WhaleStats platform yesterday. The 199,999 LINK tokens acquired by the whale amounted to $4,693,999.

Chainlink is a blockchain-based decentralized oracle network designed to enable smart contracts to connect to external data sources. The external sources can include APIs, internal systems and various other types of external data feeds.

LINK, the native token of the Chainlink ecosystem, is an ERC-20 token, and it is used to pay for the oracle services on the Chainlink network. What makes Chainlink a powerful protocol is its ability to validate data from multiple sources.

At press time, LINK is trading at $25.42 per token. LINK’s price is up by more than 7% over the past 24 hours, outperforming numerous cryptocurrencies in the process.

LINK Targets $29 Resistance Level Following its Recent Rally

The technical indicators show that LINK is currently performing well following days of poor performance in the market. LINK’s current rally allowed it to break past its 50-day moving average price of $22.48.

LINK just broke past its 50-day EMA. Source: FXEMPIRE

The MACD line currently stays within the neutral zone after spending the past few weeks in the negative region. Meanwhile, the 14-day relative strength index of 63 shows that there is buying pressure on LINK at the moment.

If the bulls stay in control, LINK could break past the first major resistance level at $29.19 over the next few hours. However, LINK might need the support of the broader cryptocurrency to extend its gains past the $33 resistance level before the end of the day.