Amidst ongoing confusion in the realm of cryptocurrency, crypto whales and institutions are showing their interest in the world’s 11th-largest cryptocurrency, Chainlink (LINK). According to data from on-chain analytic firm Lookonchain, whales and institutions are continuously accumulating LINK tokens.
Whales and institutions interest in LINK token
The firm observed that four new wallets withdrew a total of 119,583 LINK tokens, worth around $2.1 million, from the world’s largest cryptocurrency exchange, Binance, on February 5, 2024. This massive LINK token accumulation by these new wallets confirms bullishness.
Recently, on February 2, 2024, it was observed that Chainlink experienced a significant surge in its transaction volume. According to data from IntoTheBlock, an on-chain analytic firm, over 72.24 million LINK were transacted, worth over $1.3 billion. This occurred when LINK experienced a strong breakout with a large green candle after 84 days of consolidation between $12.8 and $16.5.
Additionally, IntoTheBlock also highlights the upcoming resistance zone, which may create a barrier for the bulls. According to the data, significant resistance is at the $20 level, with over 5300 addresses collectively holding over $8.5 million worth of LINK tokens. However, all this happened just after a massive $19 million LINK token unlock, as reported by Todayq News on February 3, 2024. In the future, LINK will unlock another 412.5 million tokens.
LINK’s technical analysis and upcoming price
As of writing, the LINK token is trading near $18.6, and in the last 24 hours, it experienced over 4.5% upside momentum. Looking at LINK over a longer period, in the last 7 days, the performance of LINK is exceptional, experiencing over 27% upside momentum, and in the last 30 days, it experienced over 30%.
This significant price surge, the recent breakout of the consolidation zone, the accumulation of LINK tokens by whales, and the record transactions highlight investors’ and institutions’ interest in LINK.
According to expert technical analysis, LINK on the daily time frame is bullish, and it is on the verge of breakout confirmation. If the daily candle closes above $19, it will be confirmed that LINK in the coming days might hit the $28 level. According to historical data from technical analysis, if any asset gives a breakout of consolidation, then most of the time it surges significantly.
However, this consolidation breakout was already observed in LINK itself. Previously, LINK from May 2022 to October 2023 was consolidated, but following its breakout, LINK surged more than 100% in just a few months. This time, we may experience the same move.
