Whales Are Accumulating Chainlink (LINK) and This Major Altcoin: Report

On-chain analyst Lookonchain recently flagged some large transactions involving Chainlink’s LINK token and Polygon’s MATIC token.

Lookonchain noticed a wallet with no prior transaction history withdrawing nearly 250,000 LINK worth $3.5 million from Binance over the past couple days. Meanwhile, two fresh wallets withdrew a combined 5 million MATIC worth over $3.13 million from Binance as well recently.

Accumulation by newer holders or whales transferring to cold storage off exchanges typically signals confidence in an asset’s long-term outlook. As leading oracle and layer-2 scaling solutions, respectively, Chainlink and Polygon stand to see expanding adoption amid blockchain growth.

Zooming into the token’s price action, LINK trades around $14.20 at the time of writing. According to analysis by altFINS, LINK shows a bullish setup amidst a clear uptrend, although some weakness emerged after a rejection at $17 resistance again. A pullback toward $14.50 looks possible but could offer a low-risk swing entry to ride upside continuation toward $20.

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Polygon changed hands around $0.77 presently. MATIC faces resistance at the psychological $1 level after breaking out from its $0.50-$0.60 trading range. A pullback may enable another swing entry to play a retest of $1.00 resistance. Both tokens exhibit largely bullish trends across timeframes.

Source: altFINS – Start using it today

So in summary, savvy crypto investors appear to be taking positions in LINK and MATIC amid uptrend resumptions. The technicals support upside continuation once the tokens digest overbought pressures. Their adoption outlook remains strong as blockchain ecosystems progress.

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Vignesh Karunanidhi
Vignesh Karunanidhi

Seasoned crypto writer with deep passion for blockchain and cryptocurrency