Chainlink (LINK) hit a three-year low of $5.06 on June 6, but now appears to have found a bottom at $5. Large institutional investors in the Chainlink network have started betting big on LINK once again, with whale transactions involving LINK reaching a 2023 peak on June 10.
LINK holders are now turning towards yield-bearing staking opportunities to mitigate their losses, with a considerable increase in the supply of LINK staked across various DeFi protocols. The growing confidence among Chainlink whale investors suggests that LINK price will likely rebound towards $6, but it must clear the initial resistance at $5.50.
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