Crypto whales are eagerly accumulating a particular altcoin that operates on the Ethereum network, according to a prominent on-chain analyst. Ali Martinez, who has a large following on social media platform X, reveals that deep-pocketed investors have acquired tens of millions of dollars worth of Chainlink (LINK), a decentralized oracle, in just one week. Martinez warns that Chainlink may have broken down from a head-and-shoulders reversal pattern after losing support at $12. He cautions that the altcoin might be on the verge of turning a previous support level into resistance. Looking at Martinez’s chart, he predicts that LINK could plummet to as low as $6.80, which would represent a significant decline of almost 50% from its current price. As of now, LINK is trading at $13.10, reflecting a more than 6% increase in the past day.