LINK Whales Awake After 8 Months, Rally Ahead?

Chainlink (LINK) News: After months of flirting with the local support area, Chainlink (LINK) finally appears well placed to break it with the entry of whales. This comes amid encouraging rallies for several altcoins as Bitcoin (BTC) price is at an eight month high range currently. Not just this, another minor rally for Bitcoin from the current level could spur more growth for not only altcoins but also the crypto market. In this context, traders with deep pockets are seemingly waiting to make the most out of their accumulations as and when the next rally comes.

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CoinGape recently reported that $LINK had local resistance levels at $8.311 and $9.40. While the latest entry of Chainlink whales helped breach the first resistance level, the next support continues to tease traders.

Big Chainlink Whales At Play Before Price Rise

Whenever whale assets come alive after several months, it is always the bigger picture that is triggered for cryptocurrencies. Hence, a breach of support at $9.40 could potentially be within reach, going by the quantum of $LINK coins moved. According to Santiment data, the whales made a big $LINK move, which was the largest in many as eight months. Interestingly, the $13.01 million LINK tokens were transferred just few hours before the price reached the local support level.

“$106 million in $LINK moved to a new whale address, the largest move since June. This transfer was 4 hours before the price topped out at $8.34, the highest since the FTX collapse.”

As of writing, LINK price stands at $8.03, almost unchanged from last 24 hours, according to CoinGape price tracker.

LINK’s Pivot As Artificial Intelligence Token?

The Chainlink developers have recently revealed plans to make use of artificial technology for various use cases. Although it would be too early to categorize Chainlink ($LINK) as an AI token, the very capability of AI technology and quick integration can’t rule out a possibility. Sergey Nazarov, the Chainlink founder, said the team plans to integrate AI for off-chain smart contract flow.

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Anvesh reports major developments around crypto adoption and trading opportunities. Having been associated with the industry since 2016, he is now a strong advocate of decentralized technologies. Anvesh is currently based in India. Follow Anvesh on Twitter at @BitcoinReddy and reach out to him at [email protected]

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