Is a Bull Market Coming for Chainlink Prices? Whales Encourage Recovery
Chainlink (LINK) has had a bearish during the previous month. However, Chainlink's stock seems to be recovering after a sharp decline into the red in the middle of May.
Notably, the asset fell from $8.57 to a low of $6.37 between April 11 and May 11. However, many coins that have also lost during the previous month are starting to recover, and bulls are starting to regain market control. One of these is Chainlink's native token, which has slowly increased over the last 24 hours to return to $6.51.
Currently, Chainlink's market capitalization is thought to be $3.35 billion. The 24-hour trading volume of LINK has increased by 80.93% over the previous day. This denotes the market's return to intense trading activity, particularly among bulls.
The markets also suggest that Chainlink whales may be trying to amass a large amount of LINK. Trading is taking place above the Moving Average Convergence/Divergence (MACD) signal line of 6.536.
The fact that LINK whales are back is good news for Chainlink's pricing. Whales, one of the most popular tokens on the market, aid in the coin's climb. Finally, keep an eye on Chainlink as it emerges from a protracted bear market because a bull rush could be on the horizon.