Cryptocurrency markets are abuzz with excitement as the mysterious Chainlink (LINK) whale goes on an incredible shopping spree, accumulating a huge amount of LINK tokens. Recent data from Lookonchain shows that this mysterious whale wallet acquired over 4.5 million LINK tokens in just three days. Based on the current LINK price, this cumulative value amounts to a whopping $84 million.
Chainlink whales surge, holders bullish
This constant accumulation activity by Chainlink whales has captured the attention of analysts and investors, raising expectations of a possible surge in LINK price in the future. The market is filled with speculation as traders eagerly await the outcome of this significant accumulation.
Mysterious whales that continue to pile up $LINK!
And a total of 4,556,684 cases were accumulated. $LINK From ($83.6 million) #Binance 55 new wallets in the last 5 days https://t.co/cYgH52rHzxhttps://t.co/B32QIBNNu2 pic.twitter.com/cP7piTmNaT
— Lookonchain (@lookonchain) February 10, 2024
But whales aren’t the only ones showing interest in Chainlink. According to data from Santiment, the total number of Chainlink holders has increased significantly. Over the past few months, the number of LINK holders has increased by approximately 9,000, reaching a total of 717,000. This surge in holders fuels further optimism surrounding Chainlink’s future prospects.
Whale LINK accumulation. Source: Lookonchain
Adding to the intrigue, Chainlink holders are actively withdrawing their LINK holdings from exchanges. A closer look at the supply on exchanges reveals a recent trend of holders moving their LINK away from these platforms. Current supply on exchanges is only about 21.5% of total supply, indicating strong belief among holders that a potential future price rise is imminent.
Despite some fluctuations in recent days, Chainlink’s overall price trend remains solid. On the daily time frame, LINK price has been oscillating within the $18 price range for several days after surging into this range on February 1.
Chainlink currently trading at $20.5330 on the daily chart: TradingView.com
Chainlink Price: Bullish Momentum
The price is currently hovering around $20.40, up 12% and 16% over the last 24 hours and 7 days, with the Relative Strength Index (RSI) remaining above 60, indicating a resilient bullish trend.
These developments within the Chainlink ecosystem have created an atmosphere of enthusiastic anticipation among investors and enthusiasts. The accumulation of whales, the increase in LINK holders, and the withdrawal of LINK from exchanges all contribute to heightened excitement surrounding the possibility of a future price surge.
Source: Coinglass
Meanwhile, LINK’s positive funding ratio indicates a prevailing bullish sentiment, indicating higher demand for long positions among traders. The concurrent increase in LINK’s open interest further suggests that market participants are leveraging their positions to make long-term investments.
The confluence of these factors reflects collective confidence in LINK’s upside potential, with traders expressing their optimism through funding decisions and larger leveraged positions, potentially fueling continued bullish momentum in the market.
Featured image from Adobe Stock, chart from TradingView
Disclaimer: This article is provided for educational purposes only. This does not represent NewsBTC’s opinion on whether to buy, sell or hold any investment, and of course investing carries risks. We recommend that you do your own research before making any investment decisions. Your use of the information provided on this website is entirely at your own risk.