Chainlink Whale Accumulation Soars: New ATH for LINK Price in Sight?

In a noteworthy turn of events this Monday, the cryptocurrency market faced a significant shakeup following the uptick in U.S. interest rates, accompanied by Federal Reserve Chair Jerome Powell’s unwavering hawkish stance. The leading player, Bitcoin (BTC), saw a dip from $43,400 to $42,200, impacting most other cryptocurrencies, marking an average decline of 1.3%.

However, amidst this downturn, Chainlink (LINK) stood out, making an impressive rally to surpass $18. Interestingly, the market report hints at a buying spree among crypto whales, particularly focusing on LINK.

What’s on the Horizon for LINK?

In the wake of this surge, large-scale investors, known as crypto whales, have notably begun accumulating Chainlink (LINK) tokens. According to insights from Lookonchain, a blockchain analytics firm, an unidentified entity stealthily acquired $42 million worth of LINK tokens in recent days.

Lookonchain’s data reveals that 47 newly established wallets collectively withdrew a substantial 2,237,504 LINK tokens from Binance, highlighting significant buying activity orchestrated by this mysterious entity. This deliberate accumulation not only signifies confidence in Chainlink’s potential but also underscores its utility in the crypto space.

However, in a twist of events just one day ago, a substantial $4.12 million worth of LINK tokens left Binance, finding new homes across eight recently created wallets. The consistent accumulation of LINK signals a purposeful effort to embrace this specific cryptocurrency.

Also Read: Chainlink (LINK) Price Can Surge 38% in Coming Days

Market Impact: LINK’s Impressive Surge

The impact of these transactions on the market has been tangible, with LINK’s price rising to $19.09, reflecting a 2% increase in the last 24 hours and a remarkable 41.09% surge over the past 30 days. However, Ali Martinez, a crypto analyst, warns that at this stage Chainlink may encounter strong resistance between $19.40 and $20.03, with 5,330 addresses holding over 8.59 million LINK. However, if it breaks through, Martinez believes the next important resistance is at $26.87, offering a potential 38% price surge. 

Notably, Changelly adds to the optimistic outlook, anticipating a rise in Chainlink (LINK). The platform forecasts LINK reaching $20.65 on Feb. 12, 2024, with a possibility of hitting $22 by Feb. 15, 2024.

Furthermore, LINK’s trading volume has experienced a substantial increase, reaching $941,499,686 over the past 24 hours.

A Peek into the Future

While Chainlink’s peak at $52 in May 2021 may seem like a distant memory, its recent performance suggests a resurgence of interest at a similar pace. The trajectory indicates that Chainlink is poised to continue its ascent, positioning itself as one of the top-ten performing cryptocurrencies to watch closely in the upcoming months.