Chainlink price has significantly increased amid the shaky trend within the broader crypto market. LINK’s latest spike comes amid massive accumulations from Binance by some anonymous whales. Moreover, the market has shown signs of recovery after BTC’s slump, which impacted other assets.
The German government has notably stopped its massive Bitcoin sell-off, contributing to the improved sentiment.
Unknown Whales Accumulate Chainlink
Recently, on-chain data provider Lookonchain revealed that unknown Chainlink whales have withdrawn chunks of LINK coins from Binance since June 24. According to the platform, about 93 new wallet addresses have amassed 12.75 million LINK tokens worth over $167 million.
It seems that a mysterious whale/institution is accumulating $LINK!
We noticed 93 fresh wallets withdrawing 12.75M $LINK($167M) from #Binance since June 24!https://t.co/SkqA1r0F1N pic.twitter.com/AJR4fT36VG
— Lookonchain (@lookonchain) July 14, 2024
Moreover, the huge accumulation reflects a strategic repositioning for the buyers. It could also highlight a growing bullish sentiment for Chainlink with potential gains for LINK holders.
Similarly, a prominent crypto analyst, Ali Martinez, disclosed his observation about the growing whales’ engagement with Chainlink.
#Chainlink whales have bought up over 10 million $LINK in the last two weeks, totaling approximately $120 million! pic.twitter.com/9sFtpvn2Ri
— Ali (@ali_charts) July 15, 2024
According to Martinez, crypto whales bought over 10 million worth approximately $120 million over the past two weeks.
Additionally, data from IntoTheBlock showed that LINK exchange netflows were negative within the past two weeks, with almost $110 million worth of LINK withdrawn from exchanges.
Exchange netflows for $LINK have been negative for the past two weeks, with roughly $110 million worth of $LINK being withdrawn from exchanges during this period.
Such activity is typically associated with an accumulation phase, indicating that investors are moving $LINK off… pic.twitter.com/jSvKAkUQ5F
— IntoTheBlock (@intotheblock) July 12, 2024
This withdrawal pattern shows a correlation with an accumulation stage. So, it suggested that investors aimed at LINK’s long-term holdings as they moved the coins from exchanges.
It’s worth noting that investors only move tokens from exchanges to personal wallets for long-term holding. So, the trend with Chainlink highlights investors’ unwavering and growing confidence in LINK’s potential.
Moreover, the accumulation stage reflects LINK’s possible bullish sentiment and innovative development within the broader market.
LINK’s Price Action And Potential Trend In The Future
Chainlink has reclaimed its value as the broader crypto market highlights recovery signals. LINK has crossed the $14.00 threshold and trades around $14.10. The token has surged 1.65% over the past 24 hours.
Moreover, Chainlink saw a 7.35% spike in its 7-day price action. Its market cap currently sits at $8.57 billion as it ranks as the fifteenth-largest crypto asset. Its trade volume recorded a whopping 30.84% increase to $381.44 million.
LINK’s price trajectory analysis indicates a potentially massive rally if the coin breaks the $14.50 critical level. Chainlink is famous in decentralized finance due to its decentralized Oracle Network, which supports its smart contracts.
Some experts expect LINK to move into a new bullish cycle by indicating a robust multi-year uptrend. Also, some analysts provided optimistic predictions for LINK. They believed the coin price could soon hit between $19 and $22.
Disclaimer: The opinions expressed in this article do not constitute financial advice. We encourage readers to conduct their own research and determine their own risk tolerance before making any financial decisions. Cryptocurrency is a highly volatile, high-risk asset class.
