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The cryptocurrency market has seen a surge of excitement as a mysterious Chainlink (LINK).Whale embarks on a remarkable spree of shopping, accumulating a staggering amount of LINK tokens. Recent data from Lookonchain reveals the enigmatic whale wallet acquired more than 4.5 millions LINK tokens within just three days. This accumulation is worth $84 million based on the current LINK prices.
Holders of the Chainlink Whales are optimistic as they surge.
Analysts and investors have been captivated by the relentless accumulation activity of the Chainlink whale, generating anticipation about a possible future surge in LINK prices. The market is full of speculation as traders await the outcome.
This mysterious whale continues its accumulation $LINK!
— Lookonchain (@lookonchain) February 10, 2024
But it’s not just the whale that is showing interest in Chainlink. Santiment’s data indicates a noteworthy increase in the total number of Chainlink holders. In the past few weeks, the number of LINK holders increased by approximately 9,000. This brings the total up to a considerable 717,000. This surge in holders further fuels the growing optimism surrounding Chainlink’s future prospects.
Whale LINK accumulation. Source: Lookonchain
Chainlink holders actively withdraw their LINK holdings on exchanges, adding to the intrigue. If you look closely at the exchange supply, it is clear that holders are actively moving their LINK off these platforms. Currently, only 21.5% of total supply is available on exchanges, which indicates that holders are confident about a future price rally.
Chainlink prices have been stable despite some fluctuations in the last few days. On a daily timeframe, LINK has been oscillating around the $18 price for several weeks following a surge in this range on 1st February.
Chainlink currently trades at $20.5330 on a daily chart. TradingView.com
Chainlink Price: Bullish Momentum
The price is currently around $20.40. This represents a 12% to 16% increase over the last seven days and 24 hours. A Relative Strength Index (RSI), which remains above 60, indicates a bullish trend.
These developments within Chainlink’s ecosystem have created a climate of eager anticipation among investors. The whale’s accumulation, the growth in LINK holders, and the withdrawal of LINK from exchanges all contribute to the mounting excitement surrounding a potential future surge in price.
Meanwhile, LINK’s positive funding rate signals a prevailing bullish sentiment, indicating a higher demand for long positions among traders. The simultaneous increase in LINK’s Open Interest further suggests that market participants are leveraging their positions to go long.
This confluence of factors reflects a collective confidence in LINK’s upward potential, with traders expressing optimism through both funding decisions and larger leveraged positions, potentially fueling continued bullish momentum in the market.
Chart from TradingView, image from Adobe Stock
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Original content by Newsbtc.com, “Whale Scoops Up $84 Million in LINK’s”
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