Major Chainlink Accumulation Signals Potential Price Surge
In a significant market development, on-chain data reveals that whales have withdrawn 640,000 Chainlink (LINK) tokens from cryptocurrency exchanges within the past 24 hours, potentially signaling a major accumulation phase. This massive outflow, worth approximately $9 million at current prices, could indicate an impending price rally.
According to data from Santiment, these substantial withdrawals suggest long-term holders are moving their assets to private wallets, typically a bullish indicator for future price action. The current LINK price sits at $14, struggling against the crucial $15 resistance level.
Technical Analysis and Market Structure
LINK’s price action has shown significant volatility in recent weeks:
- Previous high: $17
- Recent low: $11.8
- Current support: $13.5
- Key resistance: $15
- Next major target: $17 (200-day MA)
Whale Activity Analysis
The large-scale withdrawal of LINK tokens from exchanges typically indicates reduced selling pressure, as these assets are no longer readily available for trading. Historically, such movements have preceded significant price rallies in the cryptocurrency market.
Market Implications
For LINK to confirm a bullish trend reversal, several key levels must be reclaimed:
- Immediate resistance at $15
- 200-day moving average near $17
- Previous swing high at $17
However, failure to hold current support levels could trigger a deeper correction toward the $10 range. The next few trading sessions will be crucial in determining whether bulls can capitalize on this accumulation signal.
Source: NewsbtC