On May 17, 2024, the majority of top cryptocurrencies experienced massive upside momentum, including Solana (SOL), Cardano (ADA), and Solana-based Chainlink (LINK) tokens. Amid this price surge, Spartan Group deposited a massive 140.4K LINK tokens worth $2.32 million to the world’s biggest cryptocurrency exchange, Binance.
Investment firm dumps $2.32 million of LINK token
According to Spotonchain, an on-chain analytic firm, this token deposit by a leading Singapore-based blockchain investment and advisory firm took place after the LINK token price soared by 20%. However, this investment firm withdrew this massive amount of over 140K LINK tokens from Binance when it was trading near $6.472 in July and September 2023.
With this massive dump, Spartan Group made over $1.41 million in profits, which is a 156% return on its investment. However, Spartan Group dumped this massive amount of LINK tokens near a major resistance level of $16.60. This token dump may cause a price fall. Additionally, looking at the LINK chart on a daily timeframe, it is clearly visible that when the LINK price comes near this level, it tends to fall most of the time, which might be the reason for the LINK dump.
Currently, the LINK token is trading near $16.63, and in the last 24 hours, it experienced a massive 20% upside momentum. Over the last 7 days, LINK saw an upside momentum of over 16%, whereas in the last 30 days, it experienced over 25% upside momentum.
According to expert technical analysis, LINK is looking bullish; however, there is strong resistance near the $16.60 level, and there might be a possibility that the LINK price may retrace to the $15.60 level. Recently, LINK gave a breakout from its bullish triple-bottom price action pattern.
LINK technical analysis and key levels
According to price action and technical analysis, LINK needs to give a daily candle closing above $17 to maintain bullishness on the chart. If this happens, then in the coming days we may see a price surge to $18 and $20. Additionally, one more indicator showing strong interest from investors and traders is the LINK 24-hour trading volume, which has increased by 250% and currently stands near $1.25 billion.
Besides LINK, top cryptocurrencies like Bitcoin and Ethereum struggled to gain momentum today. However, Solana (SOL), Cardano (ADA), and Polkadot (DOT) have experienced price surges of over 3%, 7.5%, and 5% respectively.
