LINK Price Rally: Why Chainlink Might be the Best Bet Right Now?
The post LINK Price Rally: Why Chainlink Might be the Best Bet Right Now? appeared first on Coinpedia Fintech News
Chainlink (LINK) has seen an impressive increase in its market value to $21.57, driven by the accumulation of a massive collection of LINK tokens totaling an impressive $16.72 million. During yesterday’s bullish rally, LINK traded between an intraday high of $22.80 and a low of $19.5.
Whales Signal Bullish SentimentLookonchain, the leading blockchain research platform, has seen significant activity in the LINK (Chainlink) market. The platform reported that eight new wallets made a total of 831,160 LINK withdrawals from Binance in the last 48 hours.
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
However, the cumulative value of these transactions reached a whopping $16.72 million, demonstrating the active involvement of the whalers in the economy. This notable withdrawal not only confirms the whale’s growing interest in Chainlink but also suggests that overall trading pressures in the market may have eased.
The fact that these transactions occurred on Binance, one of the major cryptocurrency exchanges, adds to the significance of the observed whale activity.
LINK Price MovementFollowing this whale activity, Chainlink showed resilience, breaching the critical $20.00 resistance. With an impressive increase of 7%, LINK has overtaken major cryptocurrencies such as Bitcoin and Ethereum in a relatively short period. These changes signal a renewed interest and confidence in Chainlink’s capabilities after a period of consolidation.
Of particular note is the formation of a ‘cup and handle’ chart in the daily chart, which is a bullish signal commonly used in technical analysis.
Analysts are now watching the $23.00 resistance closely, and expect a breakout above this zone could open the door for further gains, potentially reaching $25.00