Crypto News

Chainlink Whales Accumulate Millions Of $LINK Amid Market Movements

Chainlink ($LINK) has seen significant accumulation by whales, who have snapped up over 6.2 million $LINK tokens this past week, totaling approximately $76.88 million.

Data from Lookonchain reveals that 90 fresh wallets recently withdrew around 6.72 million $LINK, worth $86.7 million, from Binance. Additionally, another report indicates that in the last 24 hours, 50 notable wallets have withdrawn 1.31 million $LINK ($16.3 million) from Binance.

These large holders have been accumulating $LINK since the end of June, and $LINK now constitutes a significant portion of these 50 wallets’ portfolios. This trend suggests strong confidence among whales in Chainlink’s long-term potential.

Possible Price Correction For Chainlink LINK Predictions 

However, market analyst Ali Martinez has issued a cautionary note. According to Martinez, the TD Sequential indicator presents a sell signal on Chainlink’s 4-hour chart, predicting a possible correction of one to four candlesticks.

This implies that the recent upswing to $13 could have been a retest of the head-and-shoulders pattern’s neckline, potentially leading to a short-term price decline.

Despite the bullish accumulation by whales, traders should be mindful of potential near-term corrections. The interaction between these large-scale accumulations and technical sell signals makes Chainlink an interesting asset to watch in the coming days. While whale activity suggests confidence in future gains, the technical indicators recommend caution and close monitoring of the market movements.

In conclusion, Chainlink’s recent whale accumulation underscores strong institutional confidence, though traders should be aware of potential short-term corrections. The ongoing accumulation trend, combined with market signals, highlights the dynamic nature of $LINK’s price movements and the need for strategic investment decisions.

Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.

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