In the last few days, crypto whales have been looking more interested in the world’s 11th largest cryptocurrency Chainlink (LINK). According to the data from Lookonchain and on-chain analytic firm, crypto whales are significantly accumulating LINK tokens.
Crypto whales add $42.38 million of LINK token
Recently, on February 6, 2024, Lookonchain made a post on X (previously Twitter) that a mysterious whale/institution is accumulating LINK. As per the post, a total of 47 fresh wallets withdrew over 2.23 million LINK tokens worth around $42.38 million from Binance in the last 2 days. Earlier this February 5, 2024, 4 fresh wallets withdrew $2.1 million worth of LINK tokens.
The current and the previous accumulation of LINK tokens highlights that whales and investors are looking at LINK as a better option to invest rather than other major cryptocurrencies. Currently, LINK is trading near $19.4, and in the last 24 hours, it experienced over 1.5% upside momentum. This accumulation of LINK tokens is also observed in its prices.
If we look at the LINK token, in the last 7 days, the LINK token price experienced over 36% of upside momentum and in the last 30 days, LINK’s price has surged by over 44%. LINK is only the top token which is managed to gain such momentum in the last 30 days.
On February 2, 2024, Chainlink set a record for the highest number of transactions in a single day. Data from the on-chain analytics firm IntoTheBlock reveals that on February 2, 2024, Chainlink recorded over 72.24 million transactions, amounting to approximately $1.3 billion. These statistics, from the massive accumulation to the record transactions on Chainlink, along with the significant price surge in recent days, underscore the heightened interest of investors in LINK tokens.
LINK technical analysis and upcoming price
All this optimistic view around LINK indicates a bullishness in LINK tokens. According to an expert’s technical analysis, LINK on a daily time frame gives a breakout of the consolidation and a strong resistance zone. This breakout term in the technical analysis indicates the bullishness of assets.
Furthermore, on the weekly time frame, LINK is experiencing a bullish golden crossover. The combination of the breakout and this bullish golden crossover suggests that prices are poised to experience significant surges in the upcoming days. If this momentum persists, we might witness a LINK price of $28 in the coming days.
