Crypto Whales Bet Big On LINK – Is Chainlink The Next Bitcoin?
10 März 2024 - 12:49PM
NEWSBTC
The momentum of Chainlink (LINK) in February has largely subsided
and the current performance of the crypto seems lackluster when
compared with other large crypto assets. However, it would appear
that the cryptocurrency is gearing up for some action in the coming
weeks. Interestingly, new on-chain data has revealed a fresh
accumulation pattern by LINK whales which could set up the
resumption of a price uptrend. Related Reading: Shiba Inu Mania:
Price Surges 60% As Burn Rate Heats Up Over 22,000% According to
blockchain tracker Lookonchain, there’s been an outflow of 831,160
LINK worth $16.72 million from crypto exchange Binance in the past
two days into eight new private wallets. It seems that whales are
buying $LINK! We noticed that 8 fresh wallets withdrew 831,160
$LINK($16.72M) from #Binance in the past 2 days.
Address:https://t.co/bkikjTpUtyhttps://t.co/DaBt99fo8Ohttps://t.co/h8fjMdXiU4https://t.co/vcBkwRMUJMhttps://t.co/sD9YDQd4Sj…
pic.twitter.com/77Y9RqF3t6 — Lookonchain (@lookonchain) March 9,
2024 Chainlink Whales Resume Accumulation Trend? Whale transactions
are largely monitored because they help to show the general
sentiment among traders of a crypto asset. This recent accumulation
into new wallets points to a lingering bullish belief in LINK in
some large traders, despite the crypto currently having a weak
momentum. Chainlink went on an unprecedented price spike in
late January and rolled into the month of February, allowing it to
cross over $20 for the first time in over two years. Throughout
this time, the crypto witnessed increased accumulation from whales
and investors. Notably, this price spike saw Chainlink
overperforming in the wider crypto industry, including Bitcoin. As
a result, LINK shot up in market cap rankings to overtake Dogecoin,
Avalanche, Tron, and Polygon. LINK market cap currently at $11.6
billion. Chart: TradingView.com LINK’s price journey has slowed
down since the beginning of March, with the crypto primarily
trading in an $18.15 to $20.82 range in the past seven days. Data
from Coinmarketcap shows that LINK is down by 4.70% in the same
timeframe, despite huge inflows into Bitcoin, Ethereum, and meme
coins like DOGE and SHIB. However, the crypto is not out of it yet,
as large LINK movements hint at deliberate market moves rather than
mere speculation. The emergence of new wallets accumulating
substantial amounts hints at a strategic positioning for an
incoming price increase. Chainlink To Rival Bitcoin? Bitcoin has
piggybacked on recent inflows into Spot Bitcoin ETFs to break
through subsequent price levels and reach a new all-time high. On
the other hand, Chainlink’s fundamentals and its massive utility in
the DeFi, smart contracts, and NFT ecosystem point to consistent
price increases. Chainlink is particularly poised to keep growing
as these niches continue to gain adoption in the real world.
Related Reading: Ethereum Wallets Overflow: Over 90% Addresses In
Profit, Ether To Retest ATH At the time of writing, LINK is trading
at $19.98. In a bullish scenario, LINK could resume a positive
momentum bolstered by significant whale activity, allowing it to
break past a resistance level of $20.8. If this trend continues,
the token could aim higher and break past $21.4 and potentially
reach $28 this month. Featured image from Pexels, chart from
TradingView
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