According to Lookonchain, cryptocurrency whales and institutional investors appear to be accumulating large amounts of Chainlink (LINK). This accumulation, coupled with a recent high-profile collaboration and positive price predictions, has put LINK in the spotlight.
Whale Accumulation Signals Strong Interest
It seems that whales/institutions are accumulating $LINK!We noticed that 54 fresh wallets withdrew 2.08M $LINK($30.28M) from #Binance in the past 7 days.https://t.co/SkqA1r0F1N pic.twitter.com/VkPt0kwPb4
— Lookonchain (@lookonchain) July 2, 2024
According to Lookonchain, 54 new wallets have withdrawn 2.08 million LINK tokens, valued at approximately $30.28 million, from Binance over the past week.
This substantial movement of tokens off exchanges into private wallets is often interpreted as a bullish signal.
Bullish Price Prediction
Source: Coincodex
Technical analysis from Coincodex paints an optimistic picture for Chainlink’s near-term future:
Price prediction: 52.90% increase to reach $22.06 by August 2, 2024
Price to reclaim $20 in July.
Current market sentiment: Neutral
Fear & Greed Index: 50 (Neutral)
Recent performance: 43% green days over the last 30 days with 8.87% price volatility
Based on these indicators, Coincodex suggests that now may be a good time to buy Chainlink.
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Show more +Show less – Strategic Collaboration Boosts Chainlink’s Utility
Adding to the positive momentum, Chainlink has announced a collaboration with Fidelity International and crypto bank Sygnum. This partnership focuses on bringing net asset value (NAV) data on-chain, aiming to enhance transparency and accessibility for tokenized assets.
Key points of the collaboration include:
Utilization of Chainlink’s technology for secure storage and automated synchronization of NAV data on the ZKsync blockchain
Involvement with Sygnum’s recent onchain representation of $50 million Matter Labs’ treasury reserves
Connection to Fidelity’s $6.9 billion Institutional Liquidity Fund
As Chainlink enters July with strong whale accumulation, bullish price predictions, and a major institutional collaboration, the stage seems set for potential price appreciation.
Read more: YouTuber Makes Urgent Kaspa Price Prediction – When’s the Best Time to Sell KAS?
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The post Crypto Whales Accumulate $30,380,000 Worth of Chainlink: How High Can LINK Price Pump in July? appeared first on CaptainAltcoin.