On May 17, 2024, several leading cryptocurrencies like Solana (SOL), Cardano (ADA), and Solana-based Chainlink (LINK) saw significant price increases.
During this surge, Spartan Group made a substantial deposit of 140.4K LINK tokens valued at $2.32 million into Binance, the world’s largest cryptocurrency exchange.
Spartan Group Profits from LINK Token Surge and Dump
Spotonchain, an on-chain analytics firm, reported that Spartan Group, a prominent Singapore-based blockchain investment and advisory firm, deposited a substantial amount of over 140,000 LINK tokens worth $2.32 million into Binance. This deposit coincided with a 20% surge in the LINK token price.
However, historical data shows that Spartan Group had previously withdrawn a similar amount of LINK tokens when prices were trading around $6.472 in July and September 2023. This move resulted in profits exceeding $1.41 million, marking a remarkable 156% return on their initial investment. Notably, the recent deposit occurred near a significant resistance level of $16.60, potentially influencing future price movements.
As of the latest data, LINK is currently trading near $16.63, having experienced a substantial 20% increase in the last 24 hours. Over the past week, LINK has seen a 16% uptick, and over the past month, it has surged by more than 25%. Technical analysts suggest a bullish outlook for LINK, although caution is advised due to strong resistance at the $16.60 mark, with potential retracement levels anticipated around $15.60. Recently, LINK also broke out from a bullish triple-bottom price pattern, further adding to its current market dynamics.
LINK’s Technical Outlook and Market Activity
According to recent price action and technical analysis, Chainlink (LINK) needs to achieve a daily candle closing above $17 to sustain its bullish momentum on the chart. A successful closure at this level could potentially pave the way for further price surges toward $18 and $20 in the near term. Notably, the LINK 24-hour trading volume has surged by 250%, currently reaching approximately $1.25 billion, indicating strong interest from investors and traders.
LINKUSDT_2024-05-17: Source – TradingView
In contrast, major cryptocurrencies like Bitcoin (BTC) and Ethereum (ETH) faced challenges in gaining momentum today. However, Solana (SOL), Cardano (ADA), and Polkadot (DOT) have seen notable price increases, with SOL rising over 3%, ADA surging by 7.5%, and DOT gaining 5% within the same period. This divergence in performance highlights varied market dynamics across different digital assets amid ongoing volatility.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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