Crypto whales have recently shown a keen interest in Chainlink (LINK), the 11th largest cryptocurrency in the world. Data from Lookonchain and on-chain analytics firms reveal a significant accumulation of LINK tokens by these large investors.
On February 6, 2024, Lookonchain reported a mysterious whale or institution accumulating LINK. Over the past two days, a total of 47 new wallets withdrew more than 2.23 million LINK tokens, valued at approximately $42.38 million, from Binance. This follows a similar trend on February 5, 2024, when four new wallets withdrew $2.1 million worth of LINK tokens.
This accumulation signals a growing interest in LINK as an investment option compared to other major cryptocurrencies. Currently trading around $19.4, LINK has experienced a 1.5% upside momentum in the last 24 hours, reflecting the impact of this accumulation on its price.
Over the past 7 days, the LINK token has seen a remarkable 36% increase in price, while over the last 30 days, it has surged by over 44%, outperforming many other tokens in the market.
On February 2, 2024, Chainlink set a record for the highest number of transactions in a single day, with over 72.24 million transactions totaling approximately $1.3 billion. These statistics, combined with the significant price surge and massive accumulation of LINK tokens, indicate a heightened investor interest in the cryptocurrency.
Technical analysis suggests a bullish outlook for LINK, with the daily timeframe showing a breakout from consolidation and a strong resistance zone. Additionally, on the weekly timeframe, LINK is experiencing a bullish golden crossover, further indicating potential price surges in the days ahead. If this momentum continues, LINK could reach a price of $28 in the near future.
The post Crypto Whales signal Breakout: $42 Million added to LINK holdings appeared first on Koinreport.
