A significant number of major wallet investors and corporations have been reported to accumulate on Chainlink.
Large investors of LINK are removing their holdings from exchanges, which is lowering the amount of the alternative cryptocurrency that is currently in circulation.
The price of LINK has increased by over 5% during the previous week, and it is possible that the alternative cryptocurrency may return to its 2024 high.
Chainlink has seen that entities and holders have been accumulating over the course of the previous two weeks. Recently, the alternative cryptocurrency reached a high point of $20.85 on February 12th.
The accumulation of Chainlink contributes to the growth of the alternative cryptocurrency. The cryptocurrency intelligence tracker Lookonchain discovered that 83 new wallets, which most likely belong to the same organization, have withdrawn a total of 11,097,687 LINK tokens from Binance, which are valued at $216.4 million on the exchange.
More than eleven million LINK have been successfully removed from circulation over the course of the previous two weeks, which has most certainly had a beneficial impact on the price of the asset. Over the course of the previous week, the price of LINK increased by about five percent.
It is known that the whale who is responsible for these wallet addresses has already amassed LINK and had a beneficial impact on the price of the asset. Through 55 different addresses, the whale was able to acquire 5,587,368 LINK tokens from Binance, which were valued at a total of $112 million during the second week of February. After then, there was a fifteen percent rise in the price of LINK within the same period of time.
It is for this reason that whale activity has emerged as a significant factor in determining the price of Chainlink, among other triggers.
At the moment, the price of LINK is already higher than the 23.6% Fibonacci Retracement level of the ascent to Chainlink's 2024 top, which is now at $18.81. There is a good chance that this level will serve as support for LINK as it continues to rise towards the top of $20.85 in 2024.
In the case that a daily candlestick closes below $18.81, the price of LINK might plummet to the 38.2% Fibonacci Retracement level at $17.54 before beginning to rebound.
