Crypto Whales Accumulate $30,380,000 Worth of Chainlink: How High Can LINK Price Pump in July?
According to Lookonchain, cryptocurrency whales and institutional investors appear to be accumulating large amounts of Chainlink (LINK). This accumulation, coupled with a recent high-profile collaboration and positive price predictions, has put LINK in the spotlight.
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Whale Accumulation Signals Strong Interest
According to Lookonchain, 54 new wallets have withdrawn 2.08 million LINK tokens, valued at approximately $30.28 million, from Binance over the past week.
This substantial movement of tokens off exchanges into private wallets is often interpreted as a bullish signal.
Bullish Price Prediction
Technical analysis from Coincodex paints an optimistic picture for Chainlink’s near-term future:
- Price prediction: 52.90% increase to reach $22.06 by August 2, 2024
- Price to reclaim $20 in July.
- Current market sentiment: Neutral
- Fear & Greed Index: 50 (Neutral)
- Recent performance: 43% green days over the last 30 days with 8.87% price volatility
Based on these indicators, Coincodex suggests that now may be a good time to buy Chainlink.
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Show more +Strategic Collaboration Boosts Chainlink’s Utility
Adding to the positive momentum, Chainlink has announced a collaboration with Fidelity International and crypto bank Sygnum. This partnership focuses on bringing net asset value (NAV) data on-chain, aiming to enhance transparency and accessibility for tokenized assets.
Key points of the collaboration include:
- Utilization of Chainlink’s technology for secure storage and automated synchronization of NAV data on the ZKsync blockchain
- Involvement with Sygnum’s recent onchain representation of $50 million Matter Labs’ treasury reserves
- Connection to Fidelity’s $6.9 billion Institutional Liquidity Fund
As Chainlink enters July with strong whale accumulation, bullish price predictions, and a major institutional collaboration, the stage seems set for potential price appreciation.
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