Coinspeaker Chainlink Hits New 52-Week High amid Whales’ Buying Spree
Chainlink, a rising Oracle in the DeFi segment, witnesses a massive surge in market valuations. After Chainlink crossed the $15.50 billion market cap, LINK LINK $25.63 24h volatility: 24.7% Market cap: $16.06 B Vol. 24h: $12.73 B market price has reached levels last seen in January 2022.
Mid-sized holders and Chainlink Whales are joining the FOMO wagon with a new parabolic surge afoot. Driving the trading volume to almost $10 billion, the LINK rally continues as it remains among the top crypto performers this week.
Chainlink Whale Adds $6.68M Worth LINK Tokens
In a show of confidence, a Chainlink whale decided to buy more LINK tokens amid the ongoing rally. Based on the LookonChain data, the whale acquired 269,861 LINK tokens worth $6.68 million.
During the buying spree, the whale exchanged $2.6M to acquire 107,838 LINK at an average price of $24.1 on DEX. Further, the whale withdrew 162,024 LINK tokens worth $4.08 million from Binance.
Chainlink Holdings Surge Amid Bull Run
Amid the rising demand for Chainlink, the on-chain platform IntoTheBlock showcases a surge in holders’ distribution. Within the past 30 days, the short-sized and the holdings of short-sized investors and whales have witnessed a massive spike.
The retail investors holding 1,000-10,000 worth of LINK tokens increased their positions by 34.81%. Thus, the interest among small players in Chainlink has increased, reflecting their joining the former wagon.
Mid-tier investors with 10,000-100,000 holdings of LINK tokens witnessed a massive spike of 86.79%. Thus, the serious accumulation from retail participants in this range has been one of the key driving factors.
Beyond this, the largest growth came from mid-sized whales with 100,000-1,000,000 worth of LINK in their holdings. They witnessed a remarkable increase of 104.61%, revealing their strong confidence in the upcoming rallying.
The large whales with 1,000,000-10,000,000 worth of LINK tokens in their holdings increased their positions by 66.10%. This signals a steady buying demand from big players.
Surprisingly, the mega whales with 10,000,000 worth of LINK tokens grew their positions by 78.90%. Hence, the bullish sentiments among various Chainlink investors project a bull run ahead.
LINK Price Analysis
With an overnight surge of 33%, the weekly candle forms a bullish engulfing candle. The breakout of this massive engulfing candle marks the third consecutive bullish opening on the weekly chart.
The recovery rally has surpassed the 61.80% Fibonacci level at $21.499. This Fibonacci level acted as critical resistance, the neckline of a rounding bottom pattern.
Chainlink price chart. Source: Tradingview
Furthermore, the LINK price action showcases a falling wedge breakout formed during the prior pullback. Hence, with the sudden surge in buying pressure, the trend reversal in Chainlink is breaking down multiple resistances.
Amid the increasing bullish influence, the 50 and 200-week simple moving average lines are on the verge of giving a golden crossover. Furthermore, the MACD and signal lines have witnessed a massive upside move with a jump in positive histograms.
Hence, the average lines and the momentum indicator represent room for growth in Chainlink. Currently, the Chainlink price is trading at $24.92, peaking at $26.92 as the new 52-week high.
Considering the broader market recovery fuels the DeFi token rally, the Fibonacci level spins the following potential price targets at $31.96 and $52.99.
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Chainlink Hits New 52-Week High amid Whales’ Buying Spree
