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

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In Brief

  • Crypto whales have accumulated 2.74 million Chainlink tokens, valued at nearly $49.9 million, impacting prices.
  • The accumulation has been executed through 49 new wallets, with one notable wallet withdrawing 494,957 LINK.
  • Overcoming a resistance band between $19.40 and $20.03 could potentially increase LINK’s valuation by 38%.

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.

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.

Read more: Chainlink (LINK) Price Prediction 2024/2025/2030

How a Crypto Whale Purchase of 2.74 Million Chainlink (LINK) Will Impact Prices
Chainlink (LINK) Support and Resistance Clusters. Source: IntoTheBlock

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.

This article is sourced from the internet: How a Crypto Whale Purchase of 2.74 Million Chainlink (LINK) Will Impact Prices

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