The Amazing ‘Smart Money’ Movement on Chainlink: Massive Accumulation of LINK

• Smart money trader accumulates 417,834 LINK from Binance, fueling market speculation as LINK price falls.

• Despite the price drop, Chainlink is showing bullish signs, with investors eyeing $17.00 resistance.

In the unpredictable sector of cryptotrading, there are moments that capture everyone’s attention, and today is one of those days for Chainlink (LINK). Despite a general downturn in the market, the ‘smart money’ trader has accumulated a colossal amount of LINK, generating a groundswell of speculation and hope among cryptomarket enthusiasts. Let’s break down what this means and how it could affect LINK’s future.

A Bold Move Amidst Instability

According to Lookonchain data, this trader accumulated no less than 417,834 LINK from Binance, a leading cryptocurrency exchange (CEX) platform, in just two days. Can you believe that the total LINK withdrawn from Binance amounts to $6.9 million?

The smart money started accumulating $LINK again and withdrew 417,834 $LINK($6.9M) from #Binance in the past 2 days.

He previously bought 641,386 $LINK($4.77M) at an average price of $7.4, and then sold it at an average price of $15.1, making ~$4.9M!https://t.co/1E0GIqVeBY pic.twitter.com/Opuvbm2yaM

— Lookonchain (@lookonchain) December 29, 2023

But that’s not all. This same trader had previously bought 641,386 LINK at an average of $7.4 per coin and then sold at an average of $15.1, making a profit of $4.9 million. Impressive, right? This type of strategy not only demonstrates great skill and confidence, but also influen ces the market’s perception of LINK.

Smart Money Accumulates Colossal Amounts of LINK

What does this mean for LINK and its Price?

At the time of writing, Chainlink’s price has shown a 5.51% drop in the last 24 hours, trading at $15.89. Although its 24-hour trading volume and market cap have declined, the ‘smart money’ stock injects cautious optimism into the market.

Smart Money accumulating LINK despite today’s price low, market sentiments orbiting the token seem fueled with optimism via Tradingview

Predictions for Chainlink’s price remain bullish for January 2024, as long as it remains above $14.00 support. Up 11% this month, buyers are struggling to break above the $17.00 barrier. If they are successful, we could be on the verge of a new rally phase that takes the price to new highs.

Where is LINK headed?

LINK’s chart setup suggests a moderate uptrend, indicating that we could soon see a significant rise. In the past eight weeks, Chainlink bulls have tried three times to break the $17.00 barrier, but to no avail. Fortunately, the price found support near the 50-day EMA, and buyers managed a bounce.

Currently, bulls are trying to hold on to recent gains and seem to be preparing for another attempt. However, sellers are also active, presenting strong competition. Therefore, investors should be cautious and wait for confirmation of a breakout above $17.00 before building fresh long positions.

Is it Chainlink’s time?

This ‘smart money’ move in LINK reminds us that, even in uncertain times, there are opportunities for those who know how to read the market. While the recent price drop in LINK may seem discouraging, significant accumulation by experienced investors could signal a turnaround for Chainlink.

With an attentive community and a market that reacts quickly to these moves, LINK could be on track to undergo an interesting transformation. As always in the world of cryptocurrencies, it is essential to stay informed and prepared for rapid change.