Chainlink price slowly forms a bullish pattern as whale holdings rise

Airdrop Is Live CaryptosHeadlines Media Has Launched Its Native Token CHT. Airdrop Is Live For Everyone, Claim Instant 5000 CHT Tokens Worth Of $50 USDT. Join the Airdrop at the official website, CryptosHeadlinesToken.com Chainlink price moved sideways on Friday, but the ongoing whale activity and technicals point to an eventual rebound.Chainlink (LINK) was trading at $14.20, where it has stalled over the past few days. This price is about 45% above its lowest level this year.Whale activity suggests that the coin may stage a strong comeback in the coming days. Santiment data shows that large investors have been accumulating LINK over the past few months.Investors holding between 100,000 and 1 million coins now own 173 million LINK, up from a low of 143 million in November last year. Their holdings have increased by 30 million coins, currently valued at approximately $420 million.Whales with between 1 million and 10 million coins have increased their holdings to 203 million from 183 million in February.Chainlink whales | Source: SantimentAdditional data shows that the supply of LINK tokens on exchanges, as a percentage of total supply, has continued to decline. It has dropped from 21% in March to 19%, its lowest level since March 13.LINK supply on exchanges | Source: SantimentA drop in exchange balances is typically a bullish signal, suggesting that holders are moving tokens off exchanges and are less likely to sell. In most cases, supply increases on exchanges when holders prepare to liquidate positions.A likely catalyst for Chainlink is its partnership with major institutions like Swift and the Depository Trust & Clearing Corporation. DTCC is exploring the use of Chainlink’s Cross-Chain Interoperability Protocol to modernize mutual fund data dissemination. This is significant, as DTCC processes more than $3.7 quadrillion annually.Swift also wants to use Chainlink’s solutions to move tokenized assets by large financial services companies globally. Like DTCC, Swift Network handles over $150 trillion annually. Chainlink price technical analysisLINK price chart | Source: crypto.newsThe 12-hour chart shows that LINK has rebounded in recent weeks, rising from a low of $9.9720 in April to around $14. It is now trading above the 50-period moving average.The coin formed a falling wedge pattern, a popular bullish reversal sign. It has also formed an inverse head and shoulders pattern. LINK will likely continue rising as bulls target the next point at $20, up by 30% above the current level. Source link