According to the renowned crypto analyst Ali Martinez, the Chainlink (LINK) price might be forming a “head and shoulders” pattern.

In a recent post, he shared a four-hour chart that appears to show the formation of the pattern.

In technical analysis, this pattern usually represents a trend reversal, often followed by a bull run.

If the “neckline” closes at $15, this could potentially trigger the price to move up to $19.

What is happening?

During the recent market correction, Chainlink’s price dropped 16% from the week’s high to $12.6.

As of press time, LINK was trading at $13.65, with a 24-hour trading volume of $203,437,634, down 24%.

Whales buying dip?

According to Martinez, whales have been buying the dip after the recent crypto market crash. To be specific, they have bought over 6.2 million LINK coins over the last week.

The latest acquisition of LINK, estimated at around $76.88 million, is significant, especially given the recent broader market downturn.

Over the past 30 days, LINK’s price has plummeted by 17.17%. However, this slump has led to increased activity from whales, who have been buying LINK tokens at these lower prices.

This surge in whale activity suggests that these large traders are expecting a price rebound for Chainlink soon.