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Chainlink (LINK) Bulls Build Strong Momentum as Whales Accumulate Despite Bearish Pressure

Chainlink (LINK) experienced a dip of 25.67% between April and May 11, but has since seen a strong recovery, with the coin rising to a local high of $6.782 on May 21. This has led to a bullish sentiment in the market, with investors and traders feeling optimistic about the future.

Despite trading below both its 200-Day and 50-Day Simple Moving Averages (SMA), whales are accumulating LINK, which could fuel further momentum in the cryptocurrency and lead to a rally. The next significant support level is $5.404, while the next resistance level is $7.5.

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