LINK Surges 10% Above $20 with Whale Accumulation

Chainlink Link

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.

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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.

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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.

 

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