In the face of recent market volatility, Chainlink, a blockchain project with considerable long-term potential, is gaining attention for whale activities that suggest confidence in the project’s future.
Recent insights from Lookonchain reveal substantial accumulation of $LINK tokens by a whale or institution. Notably, 12 newly-created wallets, likely linked to the same entity, withdrew a substantial 1,287,492 $LINK ($17.5 million) from Binance within the last three days.
We noticed that a whale/institution accumulated $LINK.
12 fresh wallets (possibly belonging to the same person) withdrew 1,287,492 $LINK($17.5M) from #Binance in the last 3 days.
Address:
0xfca9eD717E3878DdE14D3B10F49a751368A66384
0x7cc6388B25146B4D05270098Bfc8A587Ad5Db24B… pic.twitter.com/hCFVE0Ofer— Lookonchain (@lookonchain) January 7, 2024
ChainLink Price Action To Watch
Despite the positive indicators for Chainlink’s growth, the broader market fluctuations have influenced its short-term value, resulting in a 24-hour low of $12.64.
However, market analyst Ali provides an optimistic perspective, identifying a potential buy signal for Chainlink on the 12-hour chart. Trading near the lower boundary of a parallel channel, $LINK’s confirmation of this signal could lead to a resurgence, targeting price levels of $15.2 or $17.3.
#Chainlink | The TD Sequential presents a buy signal on the 12-hour chart as #LINK trades around the lower boundary of a parallel channel. If validated, $LINK could rebound toward $15.2 or $17.3! pic.twitter.com/FSDJOHGIKv
— Ali (@ali_charts) January 7, 2024
As of the latest data, Chainlink is currently valued at $13. The active participation of whales and the ongoing developments in the Chainlink ecosystem contribute to the cryptocurrency’s narrative as a project with enduring potential, despite short-term market fluctuations.
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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