The price of Chainlink has consolidated over the past few days trading around $18.3, after surging from $13.5 to over $19.5 in late January. Meanwhile, on-chain analytics firm LookOnChain has reported that a mysterious whale continues accumulating large amounts of LINK.
According to LookOnChain’s most recent report, this unknown whale accumulated a total of 4,556,684 LINK (worth around $83.6 million) by withdrawing it from Binance to 55 new wallets over the past five days. Just three days ago, LookOnChain had reported that the same whale withdrew 2,745,815 LINK (worth approximately $49.9 million) from Binance to 49 new wallets.
Additionally, the report identified another whale labeled “0x2A19” as having withdrawn 494,957 LINK (worth around $9 million) from Binance over the last 10 days.
Such significant accumulation by whale entities is often a bullish signal for the price of a cryptocurrency. When prominent investors buy up large amounts of a coin quietly in the background, it indicates that they have a positive long-term outlook and are accumulating before a potential price rise. Their buying pressure and long-term holding can fuel momentum and drive the price upwards.
In the case of Chainlink, the fact that these whales are accumulating such massive amounts worth tens of millions suggests they have strong convictions about LINK’s future potential.
As the top oracle network providing essential connectivity to blockchain applications, Chainlink is underpinning the growth of the smart contract and decentralized finance space. The whales’ accumulation may be a vote of confidence that LINK still has room to appreciate further as its underlying technology and user base continues to expand.
In the coming weeks, market observers will watch to see if this mysterious whale continues stockpiling LINK quietly behind the scenes. Their ongoing accumulation could lay the foundation for Chainlink’s price to resume its upward trajectory.
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