Bulls Now Accumulating LINK on Major Exchange as They Prepare for Another 40% Spike to This Price

A new narrative is unfolding around Chainlink (LINK), a decentralized oracle network that powers secure interactions between blockchains and external data sources. The price of LINK has been consolidating between $17.5 and $20 since late February, but the bulls appear to be gearing up for another potential surge.

David, a crypto analyst and self-proclaimed “Crypto Bull,” has his sights set on a specific price target. In a recent tweet, he declared, “Give me a one-week closure above $20.07 for Chainlink, and I will be expecting a move to $28 soon.” This bold prediction implies a staggering 40% spike from the current levels, should the conditions be met.

But it’s not just the analysts who are bullish on LINK. On-chain data from Lookonchain, a blockchain analytics platform, has revealed a significant accumulation trend among whales – large investors or entities holding substantial amounts of cryptocurrency. According to their findings, a staggering 831,160 LINK tokens, valued at a whopping $16.72 million, were withdrawn from the Binance exchange by eight fresh wallets over the past two days.

This substantial movement of LINK tokens from a centralized exchange to private wallets could signal a strategic play by whales. Typically, investors move their holdings off exchanges when they intend to hold their assets for an extended period, potentially anticipating a price surge and aiming to avoid the risks associated with leaving their funds on trading platforms.

The term “whales” refers to entities or individuals who possess large amounts of a particular cryptocurrency. Their actions can significantly influence market sentiment and price movements, as substantial buy or sell orders from whales can create ripple effects across the broader market.

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As the bulls continue to accumulate LINK, the stage seems set for a potential breakout. However, in the world of cryptocurrencies, nothing is certain, and market conditions can shift rapidly. Investors are advised to exercise caution and conduct thorough research before making any investment decisions.

The crypto space remains a fascinating arena, where narratives can quickly evolve, and fortunes can be made or lost in the blink of an eye. As the Chainlink saga unfolds, market participants will undoubtedly be keeping a close eye on this promising project and the actions of the whales that could potentially catalyze the next big move.

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Temitope Olatunji
Temitope Olatunji

Temitope is a seasoned writer with over four years of experience. He specializes in Web3 and FinTech topics and enjoys creating content in these areas. He holds both a bachelor's and master's degree in Linguistics. When not writing, he trades forex and plays video games.