The leading decentralized oracle network Chainlink (LINK) continues to demonstrate its strength, as on-chain data reveals investors’ significant interest in the altcoin. Spot On Chain reported that an individual or institution purchased $4.12 million worth of LINK within three hours.
$4.12 Million Invested in LINK in Three Hours
On-chain data platform Spot On Chain reported that an individual or institution bought 227,350 LINK tokens, valued at $4.12 million, at approximately $18.1 each within three hours.
The platform indicated that the investor made the LINK purchases through 8 new wallet addresses. Furthermore, the data shows that most of the LINK tokens were withdrawn from a centralized cryptocurrency exchange (CEX) just before the price rapidly increased by 4.1%. This suggests that the investor may have a long-term view on LINK.
Analysts Expect a Strong Rally in LINK
As Chainlink’s LINK continues to show strength heading towards new recovery peaks, it is trading around $18.6 at the time this article was prepared. According to many expert analysts, the momentum increase in the altcoin could signal a steep rally towards ambitious upward targets.
Anonymous crypto analyst JAVON MARKS stated that LINK has reached a new breakout zone on its way to retesting high timeframe resistance, saying, “LINK’s price is approaching $19 and could be preparing for much higher levels! The target remains at $47.15,” suggesting a potential 153% increase for the popular altcoin.
Crypto analysts David and Matthew Hyland also noted that LINK closed a weekly candle above the critical level of $16.54, which they predict signals a significant rise. The duo expects the altcoin to surge up to $29.