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Chainlink (LINK) whales are pushing their limits as we detect significant accumulation on the chain. Newly created wallets, potentially under the control of a single entity, transferred approximately 1.287,492 LINK worth $17.5 million from Binance within just three days.
Whale Activity in LINK
When analyzing the LINK/USDT chart, there is observable volatility in Chainlink’s market valuation. LINK has recently been trading at a significant juncture, closely interacting with its 50-day exponential moving average (EMA). This level can often serve as a dynamic support or resistance for asset prices. The current stance below the 50 EMA may indicate that LINK is in a delicate position, testing investor sentiment.
According to experts, the strength in the cryptocurrency’s charts, clearly visible from the recent accumulation by whales, could potentially turn into buying pressure and support a bullish scenario for LINK. Since large accumulations can indicate investor confidence or knowledge about positive developments in the Chainlink ecosystem, this whale activity often occurs before significant price movements.
LINK Price Prediction
However, as the decreasing trading volume also indicates, there are weaknesses present. This situation may show a lack of individual investor participation, which could limit any potential rise. For LINK to sustain a price increase, consistent volume and the currently weak investor interest, which appears to be lacking, are needed.
Despite recent whale activities, LINK’s price remains in a narrow range and is attempting to break out. The Relative Strength Index (RSI) is in a neutral position, neither overbought nor oversold, indicating a lack of clear direction in market sentiment. For a strong bullish trend, LINK needs to convincingly close above the 50-day EMA, and increasing volume would confirm this breakout.
