- Whales have quietly accumulated $17M in Chainlink amid a market pullback, signaling confidence in LINK’s future.
- Whales have accumulated over $17M in LINK, signaling potential price surge despite recent market pullback.
- Large investors are betting on Chainlink’s growth as whale activity increases, hinting at a future surge in price.
Recent on-chain data reveals that large investors have been accumulating Chainlink (LINK) tokens in a big way, with wallets holding between 100,000 and 10 million LINK adding over 800,000 tokens in just a few days. This accumulation, valued at approximately $17 million, has taken place amid a short-term price dip, leading many to speculate that whales may be positioning for a significant price surge.
Whale activity in the crypto market often garners attention due to its potential to influence liquidity and price direction. This surge in accumulation signals strong confidence from larger investors in Chainlink’s future. Despite recent market fluctuations, this large-scale purchase suggests that these investors are optimistic about Chainlink’s role in the decentralized finance (DeFi) sector.
Additionally, the stablecoin market has also seen a notable rise, with supply reaching an all-time high of $283 billion. This increase, coinciding with a surge in monthly stablecoin senders, highlights growing adoption and liquidity in the cryptocurrency space. The surge in stablecoins is adding further fuel to the market, which could be beneficial for assets like Chainlink.
Chainlink’s Strong Market Position Amid Whale Activity
As of now, Chainlink is trading at $21.53, reflecting a 2.2% rise in the last 24 hours. Although it remains significantly below its all-time high of $52.88, recent whale activity has sparked optimism among investors. The token’s market cap is currently at $14.6 billion, with a 24-hour trading volume of $1.21 billion, indicating healthy market participation.
Technical indicators suggest that Chainlink is undergoing a correction, with the price hovering near key Fibonacci support levels. The Relative Strength Index (RSI) remains above 50, and the Moving Average Convergence Divergence (MACD) remains positive, suggesting that the uptrend is still intact.
A break above the $22.20 resistance level could signal a potential rally, with analysts targeting $32.61 as the next major price point. This could mark the beginning of a new cycle for LINK if the breakout occurs, driving prices higher.
Whale Withdrawals and Positive Market Sentiment
In a further bullish signal, there has been a substantial outflow of LINK tokens from centralized exchanges. A total of 5.5 million LINK was withdrawn within a 24-hour period, indicating that investors are holding onto their tokens rather than selling them. This move suggests reduced selling pressure and adds to the growing optimism surrounding Chainlink’s price prospects.
With key support levels holding strong and whales continuing to accumulate, the stage is set for potential upside in the near future. Investors and traders alike are closely monitoring the market, anticipating a possible surge in LINK’s price.
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