In the last five days, a mysterious Chainlink whale amassed $83 million worth of LINK tokens, acquiring 4.5 million in total. The ongoing accumulation and exchange withdrawals hint at potential further bullish momentum. Analysts anticipate a crucial price breakout could propel Chainlink past $25.
Earlier this week, Chainlink (LINK) experienced a dip to $18, but it quickly rebounded with a 10% surge, surpassing the $20 mark once again. Currently, the Chainlink (LINK) price sits at $20.16, marking a critical breakout point.
Chainlink Whales Fueling Interest
In recent days, a surge in interest among Chainlink whales has caught the attention of observers, particularly driven by intensified activity from a specific whale wallet.
Data from Lookonchain reveals that this particular whale wallet has been steadily accumulating LINK over the past three days. At present, the whale wallet holds a substantial 4,556,684 tokens, valued at approximately $83.6 million based on the current LINK price.
Positive Indicator for LINK Price: The continuous accumulation by this whale wallet is seen as a positive indicator, suggesting expectations for a potential future rise in the LINK price.
Rise in Chainlink Holders: Critical metric analysis highlights a significant increase in the total number of Chainlink holders. According to Santiment data, there has been a notable surge in LINK holders over recent months.
Exodus from Exchanges: Additionally, examination of exchange supply indicates a recent pattern of investors withdrawing their LINK holdings from exchanges. As of the latest available data, the supply on exchanges has decreased to around 21.5% of the total LINK supply.
Implications for Future Price Surge: This trend of withdrawal from exchanges signifies an anticipation of a possible future price surge, potentially driving the LINK price upward from its current position.
Chainlink (LINK) Emerges as a Standout Performer
Amidst a broader downtrend in the cryptocurrency market, Chainlink (LINK) has distinguished itself as a standout performer, displaying substantial price momentum throughout the past 30 days.
With an impressive 35.37% surge observed last month, coupled with an additional 15% gain in the past week, the dominance of bullish momentum is clearly evident from the green lines on the Chainlink charts.
Following its successful ascent past the $18.57 resistance level, analysts are now eyeing the next significant hurdle lying at the $20.58 resistance trendline. A breakthrough at this crucial zone could potentially propel the Chainlink price towards the $25 mark in the coming months.
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.
Join Cryptos Headlines Community
Follow Cryptos Headlines on Google News
Author
