Popular Oracle project Chainlink is nearing a potential breaking point with transactions carried out by whales.
A Chainlink whale has withdrawn $2.95 million worth of LINK from the Binance exchange in 24 hours. This whale, who regularly withdraws LINK from the exchange, has transferred a total of 529,999 LINK to his personal wallet in the last three days.
Chainlink recently entered a correction phase after trading as high as $30.5, with the price dropping to $27.5. AMBCrypto reported that whale movements signal a potential rally.
Chainlink is trying to maintain its uptrend despite not being able to sustain above $30. Whales are looking for buying opportunities during price corrections.
According to Lookonchain, a whale has withdrawn 100,000 LINK from Binance in the last 24 hours. AMBCrypto commented on the move as follows: “When whales tend to accumulate, this usually indicates long-term holding intentions. Large wallets withdrawing LINK from exchanges reduces selling pressure and signals bullishness when demand increases.”
According to IntoTheBlock data, LINK whale activity has increased by 41.5% in recent days, reflecting strong participation in Chainlink.
According to AMBCrypto’s analysis, although the increasing whale accumulation is bullish, LINK is currently in a correction phase. The analysis continued as follows:
“Simply put, Chainlink is gaining traction among both whales and retail investors. If this uptrend continues, the LINK price could break above the $30 resistance. If this level is broken, the next target could be $32.2.”
AMBCrypto also warned investors that LINK could drop to as low as $26.9 if selling pressure increases.