Whales are interested in Chainlink (CRYPTO: LINK), prompting analysts to turn bullish on the token — though some see it in a re-accumulation range.
What Happened: Based on LookOnChain data cited by crypto analyst Ali Martinez, Chainlink whales have gathered around 7 million LINK worth $105 million just over the past week. This highlights the rising confidence of major LINK players.
Data indicated that an unknown wallet address withdrew 136,146 LINK (worth $2.05 million) from Binance, taking its past 10-day withdrawal to 348,006 LINK (worth $5.79 million) from Binance.
The value indicates a floating profit of $229,000.
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Why It Matters: Rekt Capital, a cryptocurrency technical analyst, published a chart with technical analysis on X, asking: “What if Chainlink has been a Re-Accumulation range at highs all this time?”
$LINK
— Rekt Capital (@rektcapital) December 27, 2023
What if Chainlink has been a Re-Accumulation range at highs all this time?#LINK #Crypto #Chainlink pic.twitter.com/9iRb4oxhU1
For the unfamiliar, re-accumulation is a range-bound condition that forms after an uptrend. It is a pause or preparation phase for a fresh new leg of a larger uptrend.
Futures Trader, Satoshi Flipper took to his X handle and said that “$LINK is on fire baby let's gooo $20.”
Later Flipper added that “Technically the market wasn't wrong and $LINK did hit the top of the channel, almost $18 as presented on 12/21. Bottom of the channel is $14 ... a blessing for swing traders if we get it.”
Bottom of the channel is $14 ... a blessing for swing traders if we get it 🙏🙏 https://t.co/NGdgJ32Zly pic.twitter.com/VfZZ8modKw
— Satoshi Flipper (@SatoshiFlipper) December 28, 2023
Price Action
- In the past week, LINK witnessed a 7.9% increase taking its past month gains to 11.4%.
- In the past 24 hours, the LINK price peaked at an intraday high of $17.54, reflecting an increase of 7.1%.
- Currently, the token is trading marginally higher over the past 24 hours (+0.4%), with volumes rising 56.2% in the same timeframe.
- Based on Etherscan data, total LINK holders as of Dec. 28 stood at 707,929 compared to 704,721 holders two weeks ago.
- The top holder is Binance 8 with 43.4 million LINK worth $706.5 million.
Image: Shutterstock
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