Exchanges Move Chainlink (LINK) Worth $50M, Price Sees Setback

The markets recently saw a significant transfer of Chainlink (LINK) tokens to Wintermute, by several major platforms.

Binance was responsible for moving a total of 380.967K LINK valued at approximately $5.14 Million across two separate transactions.

These included transfers of 190.997K LINK worth $2.92 Million and 189.93k LINK valued at $2.9 Million.

Coinbase also contributed to the volume with transactions from its platform totaling 131.376K LINK, which is about $2.02 Million.

Notably, one transaction from Coinbase Prime alone accounted for 90.369K LINK, or $1.39 Million.

Uniswap facilitated the movement of 121.65K LINK, totaling $1.86 Million across two operations.

One notable transaction involved 65.65K Chainlink (LINK) worth $1 Million. MEXC transferred 150K LINK, amounting to $2.28 Million.

Gnosis executed a substantial single transfer of 1.778 Million LINK worth a staggering $27.19 Million.

The combined movements directed to Wintermute from these platforms reached a notable total of around $50 Million, indicating a significant orchestration of market activities.

Firstly, the aggregation of such substantial amounts to a single entity could aim to enhance liquidity or potentially manipulate Chainlink’s market price through strategic trading.

This often precedes volatility as large-scale movements by major holders significantly influence prices.

If this consolidation of LINK tokens is intended for market manipulation, it might initially lead to a price increase as market supply tightens.

However, should these tokens flood back into the market, a sharp decline might follow if the initial buildup was not supported by genuine market demand.

Conversely, if the transfers are purely for liquidity enhancement without any manipulative intent, more price stability or a gradual uptick in LINK’s value could be seen.

Chainlink TD Sequential Signals ‘Buy’

Chainlink also signaled a potential uptrend as indicated by the TD Sequential indicator, which has just marked a ‘buy’ signal on the daily time frame.

This tool showed that after a series of bearish candles, a rebound might be imminent, particularly noteworthy after the large black candle on the 24th, which saw prices drop sharply.

Chainlink’s price has dropped below the crucial $15 mark and chances of trend reversal look bleak.

If the rebound does materialize, however, Chainlink could target the next resistance at $16 initially.

More substantial gains possibly pushing it toward $17 or higher as market conditions improve.

There’s a risk of the price retracting further, and this would indicate a continued bearish trend.

Traders may need to reassess their positions based on upcoming market movements.

The TD Sequential indicator provides a positive outlook for Chainlink in the short term, a confirmation of the trend reversal by observing whether the price can sustain above key support levels is needed.

This would validate the buy signal and setting the stage for a possible rally.