Crypto News

ChainLink Whales Show Confidence Amid Market Fluctuations

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.

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.

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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