How a Crypto Whale Purchase of 2.74 Million Chainlink (LINK) Will Impact Prices

9 months ago 2

ARTICLE AD BOX

Crypto whales have grabbed the community’s attention by accumulating an astounding 2.74 million Chainlink (LINK) tokens, valued at nearly $49.9 million.

This action is part of a wider trend. Chainlink is key in providing secure data feeds for smart contracts on blockchains. Hence, it draws significant interest from retail and institutional investors alike.

Crypto Whales Accumulate Chainlink

According to the on-chain analytical platform LookOnChain, Chainlink’s significant accumulation has been executed through 49 new wallets.

“This mysterious whale/institution withdrew 2,745,815 LINK ($49.9 million) from Binance via 49 new wallets,” LookOnChain stated

Another crypto whale’s wallet, “0x2A19,” made a notable move, withdrawing 494,957 LINK from Binance. This amounted to about $9 million over ten days. Such strategic accumulation helped LINK’s price surge by 44% in 12 days. This has caught the attention of the crypto community and investors.

Ali Martinez, a renowned on-chain analyst and the Global Head of News at BeInCrypto, underscored this bullish trend in Chainlink’s market dynamics. He highlighted a significant hurdle for LINK, pointing to a “stiff resistance” between $19.40 and $20.03. This resistance band is fortified by over 5,330 addresses holding upwards of 8.59 million LINK.

Chainlink (LINK) Support and Resistance Clusters

Surpassing this threshold could potentially unleash a 38% increase in LINK’s valuation, with Martinez identifying the next critical resistance level at approximately $26.87.