Chainlink formed a double bottom pattern, suggesting a possible recovery as signs suggested some whales were accumulating the token.
Chainlink (LINK), the largest oracle provider, bottomed at $20.12 on Friday and recovered to $22.50 on Sunday, December 22nd. However, the coin is still about 27% away from its peak this month, meaning it is in a bear market.
A potential catalyst for the LINK token is whales accumulating it. According to LookOnChain, nine new wallets withdrew 362,380 coins from Binance in the last two days. These coins are now worth over $8.19 million.
Crypto.news reported last week that another whale had accumulated 65,000 LINK coins worth $1.8 million.
These whales bought Chainlink a week after World Liberty Financial (WLFI), the DeFi platform launched by the Trump family, purchased over 78,300 LINK tokens worth over $1.7 million. It is worth noting that President-elect Trump and his family largely own WLFI tokens.
Chainlink, known in the crypto industry for its fundamentals, is the largest oracle in the industry with a total secured value of over $35 billion. This number is higher than its biggest competitors such as Chronicle, Pyth, Edge and Redstone.
Chainlink’s ecosystem is likely to grow as more chains and networks…
