LINK Price Breaks 2-Year Resistance Amid Continued Accumulation

Chainlink Link

An unidentified whale is reportedly accumulating LINK, withdrawing a substantial amount of 4,556,684 LINK, totaling $83.6 million, across 55 new wallets over the past five days, as per Lookonchain data.

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This accumulation comes as LINK breaches the $18 mark for the first time in approximately two years.


Unidentified Whale Accumulating LINK

According to Lookonchain, a smart money on-chain analytics platform, an unidentified whale is actively accumulating LINK, the native cryptocurrency of the Chainlink ecosystem. The platform shared a document on X (formerly Twitter) detailing some of the whale’s recent transactions.

Lookonchain’s data reveals that the whale withdrew a substantial amount of 4,556,684 LINK, valued at approximately $83.6 million, across 55 new wallets over the past five days. This significant withdrawal indicates a strategic accumulation of LINK tokens by the unidentified whale.

This isn’t the first instance of notable whale activity observed by Lookonchain. On February 7, the platform reported two mysterious whales withdrawing LINK tokens from Binance. The first whale withdrew 2,745,815 LINK worth $49.9 million via 49 new wallets, while the second whale withdrew 494,957 LINK, equivalent to $9 million, within a ten-day period. Additionally, Lookonchain reported that 47 fresh wallets withdrew 2,237,504 LINK, valued at $42.38 million, from Binance a day earlier.

LINK Resumes Upward Movement Amid Increasing Whale Accumulation

In the last week of January, Chainlink’s native cryptocurrency, LINK, resumed its upward movement after a prolonged period of sideways trading lasting nearly three months. Breaking above the $18 mark for the first time in approximately two years, LINK initiated a new phase of its upward trajectory.

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The resurgence in LINK’s price coincides with increasing on-chain activities indicating whale accumulation. Many users anticipate that LINK will continue to rally higher in the near term. This expectation stems from the common practice among whales and institutional investors to accumulate digital assets away from crypto exchanges and trading platforms, particularly when holding them for extended periods.

LINKUSD Weekly Chart on TradingView

As of the latest update, LINK is trading at $18.4. Chart analysis suggests a potential bullish momentum, according to data sourced from TradingView. This suggests that market sentiment is leaning towards further upward movement for LINK in the immediate future.


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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