![Chainlink's Shark Tier Investors Go on a Buying Frenzy - $9,600,000 Scooped Up in Just 3 Days](https://captainaltcoin.com/wp-content/uploads/2023/07/P2P-Review-2023-07-20T105054.670.png)
According to on-chain insights provided by Lookonchain, large whales and institutions are actively accumulating Chainlink’s LINK token. One incident shows an unknown whale recently withdrawing 2,745,815 LINK worth $49.9 million from Binance via 49 newly created wallets.
Lookonchain also identified the “0x2A19” wallet, pulling nearly $9 million worth of LINK from Binance over the past 10 days. The timing and nature of these large transactions signal concentrated buying by entities with substantial financial resources.
![](https://captainaltcoin.com/wp-content/uploads/2024/02/image-241-1024x677.png)
However, not all analysts remain entirely bullish on LINK in the near term. CryptoBusy points out that after pumping nearly 9 days straight, LINK shows signs of exhaustion as it approaches multi-year resistance levels and the golden ratio extension around $8.
The YouTuber suggests seasoned traders should watch for a rejection play off this major confluence point where the risk/reward favors loading up puts or short positions. Selling pressure stands to emerge given LINK’s technically overextended rally.
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Show more +On the other side, crypto trader Elite Crypto claims he identified LINK as undervalued, allowing his followers to capture a nearly 4x return from around $5. Despite the impending resistance, he expects another 4-5x price multiplication from LINK over the course of the current bull market.
In summary, while institutional and whale-buying activity continues in LINK, providing a long-term bullish backdrop, short-term risks remain elevated around all-time high resistance after such a parabolic advance.
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