Big Whales Continue to Accumulate Chainlink, Analyst Says LINK Rejection Is In Play

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.

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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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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Rene Peters
Rene Peters

Rene Peters is editor-in-chief of CaptainAltcoin and is responsible for editorial planning and business development. After his training as an accountant, he studied diplomacy and economics and held various positions in one of the management consultancies and in couple of digital marketing agencies. He is particularly interested in the long-term implications of blockchain technology for politics, society and the economy.