Chainlink whale has caused a stir in the market by snatching up tokens worth nearly $6 million. Market observers expect LINK price to rise by 500%.
Chainlink whale has caught the attention of cryptocurrency market enthusiasts, hoarding cryptocurrencies amid recent price increases. On-chain data from Tuesday indicated that a whale accumulated tokens worth nearly $6 million, sparking optimism about the future trend of the asset. Meanwhile, LINK price also surged nearly 30% intraday, with the whale's significant accumulation further solidifying market optimism.
Chainlink whale harvested tokens worth $6 million, igniting bullish sentiment in the market
According to data from Debank.com on December 3, whale address 0x73d3 has attracted investor attention due to its recent staking of LINK tokens. Notably, in the recent upward trend of the token, this Chainlink whale purchased 269,861 LINK for $6.68 million.
Data shows that this whale spent $2.6 million to purchase 107,838 tokens through DEX at an average price of $24.1. Additionally, the same trader bought 162,024 tokens from CEX Binance for $4.08 million. Overall, in a broader bullish environment, the large purchases have ignited a wave of optimism for one of the leading cryptocurrencies by market cap. Moreover, it is noteworthy that the token has already risen, and buying pressure indicates further increases are imminent.
Will LINK price rise by 500%?
As of the time of writing, LINK price has risen nearly 28% intraday, currently at $24.98. Its 24-hour low and high are $19.02 and $26.50, respectively. Interestingly, in line with the aforementioned whale purchases, the cryptocurrency's intraday trading volume also surged by 930%. The price increase, along with enhanced trader interest, has contributed to a bullish sentiment regarding the asset's future trend.
Coinglass data shows that Chainlink futures OI soared by 58% to $704.92 million. Additionally, derivatives trading volume surged by 451% to $5.04 billion. This market data further indicates an increase in investor interest in the asset.
Furthermore, CoinGape Media's recent analysis of LINK price suggests that this cryptocurrency is expected to rise significantly by 500% in the future, possibly following in the footsteps of XRP. This bullish forecast comes amid expectations from major analysts for a bullish market in the fourth quarter. Additionally, it is noteworthy that the token has currently surpassed its highest point of the year at $22.85. Cryptocurrency market participants continue to closely monitor this token, anticipating further rises following significant purchases by Chainlink whales and bullish market indicators.
