A notable whale in the Chainlink 
$23 (LINK) market made multimillion-dollar purchases during a recent price surge. This move generated positive expectations among traders regarding the asset. The rapid increase in LINK’s price and the record rise in trading volume attracted significant market attention.
How Whale Purchases Shaped the Market?
According to data from the blockchain analysis platform Debank.com, a whale with the address 0x73d3 purchased a total of 269,861 LINK tokens on December 3. The total value of these purchases was estimated at approximately $6.68 million. The whale spent around $2.6 million acquiring 107,838 LINK from decentralized exchanges (DEX) at an average price of $24.1, and also purchased 162,024 LINK through the centralized exchange Binance, spending $4.08 million in this transaction.
These significant purchases quickly shifted the market dynamics for LINK. The whale’s activities boosted confidence among market participants regarding Chainlink’s future. Traders closely monitored this strategic move by the whale.
Record Rise in LINK Price and Future Expectations
Following the whale purchases, Chainlink’s price surged by 28% within a day. The lowest price recorded during this period was $19.02, while the highest reached $26.50. LINK’s trading volume increased by 930%, illustrating heightened market activity.
The open position size in the futures market grew by 58% to $704.92 million, according to Coinglass data. Additionally, derivative trading volume saw a remarkable 451% increase, reaching $5.04 billion. Experts believe that Chainlink has a strong upward potential under the current market conditions. According to CoinGape Media’s analysis, LINK could witness an increase of up to 500% in the coming period, with market analysts asserting that the bullish trend in the fourth quarter will further support LINK’s price.
Traders are closely monitoring these developments in the Chainlink market. Whale purchases often signal significant insights into the future performance of the asset. These occurrences suggest that LINK presents strong potential for long-term investors.
