Thursday, April 18, 2024

Chainlink Whales Move Millions: $216M Pulled from Exchanges, Boosting Price.

Chainlink has observed the accumulation over the last two weeks by holders and corporations. The cryptocurrency recently saw a surge that peaked on February 12 at $20.85.

Gains in altcoins are fueled by chainlink accumulation. According to Lookonchain, a crypto intelligence tracker, 83 new wallets—likely associated with the same organization—have taken out $216.4 million worth of LINK tokens from Binance.

Over 11 million LINKs have been effectively taken out of circulation in the last two weeks, which has probably increased the asset’s value. The price of LINK increased by almost 5% in the last week.

The owner of these wallet addresses is a whale who has previously accumulated LINK and increased the asset’s value. During the second week of February, the whale used 55 addresses to acquire 5,587,368 LINK tokens worth $112 million from Binance. LINK’s price increased by 15% within that same time frame.

Whale activity has consequently become one of the main factors influencing ChainLink pricing, along with other triggers.

The price of LINK is presently above the $18.81 Fibonacci Retracement level, or 23.6%, of the ascent to Chainlink’s 2024 peak. This level is probably going to help LINK as it climbs toward the $20.85 top in 2024.

The price of LINK could plummet to the 38.2% Fibonacci Retracement at $17.54 before rising if a daily candlestick closes below $18.81.

For the latest crypto news and prices, please visit cryptured.com on a regular basis. Here, you can find unbiased and accurate news.

Cryptured Team
Cryptured Team
The writers team at Cryptured.com is composed of passionate and experienced journalists who cover the latest developments in the crypto and blockchain space. They aim to provide accurate, unbiased and easy-to-understand news and information for their readers, as well as insights and analysis from industry experts. The writers team is always on the lookout for new and exciting stories that can help the general public learn more about the potential and challenges of these technologies.
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