Whale Accumulates Chainlink (LINK): Expert Predicts Potential ATH Rally, But There’s a Catch
A major crypto whale has made notable moves in the Chainlink (LINK) market, according to data from analytics firm Spotonchain. The whale bought 76,467 LINK tokens using 1 million DAI at an average price of $13.08.
This transaction highlights the whale’s strategic accumulation of LINK, reflecting ongoing confidence in the token’s potential.
Besides, an analyst has highlighted LINK’s trajectory noting that the token is consolidating, and a break out could signal a key price movement.
What you'll learn 👉
Chainlink’s Whale Movement
Per Spotonchain, the whale’s address, 0xc6f7fc2735ef7eb0db201dd103f2f2e6cbcfe187, now holds a total of 364,468 LINK, valued at approximately $4.74 million.
The whale has accumulated 383,624 LINK tokens via various exchanges such as Binance, Kraken, KuCoin, and decentralized exchanges (DEXs) at an average price of $12.87 since August 9, 2021.
This indicates a robust strategy of accumulating LINK, with the whale only selling 18,932 LINK for 283,853 USDC at $14.99 on November 11, 2023.
Besides LINK, the whale’s portfolio includes 2,454 ETH, valued at $8.05 million, despite an unrealized loss of $316K (-3.78%). The whale’s LINK holdings have shown a small estimated profit of $34.8K (+0.7%).
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LINK Price Analysis
Moreover, crypto analyst AMCrypto recently tweeted about LINK’s consolidation phase, highlighting critical support and resistance levels.
According to AMCrypto, LINK is currently consolidating. A breakout above $21 would trigger a pump towards new all-time highs, while losing the $9.5 support could result in a drop to $6.
Given the ongoing bull run, AMCrypto views the breakout scenario as highly likely. This analysis indicates a bullish outlook for LINK, dependent on breaking key resistance levels.
Per price data from CoinGecko at press time, LINK trades at around $12.83 and has seen a price drop in the last day and week.
Conclusion
The recent whale activity in Chainlink, combined with market sentiment and analyst insights, suggests interest and confidence in LINK’s future performance.
Besides, the strategic accumulation by large holders reflects a broader market trend of positioning ahead of potential bullish movements.
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