The large transfers of#Chainlink(LINK) whales in a short period of time have worried investors.
The Link Chain ($LINK ) continues to attract attention in the cryptocurrency market. In just 48 hours, nine new wallets withdrew a total of 362,380 LINK (worth $8.19 million) from the cryptocurrency exchange Binance. This movement among Link Chain whales reveals that interest in LINK is on the rise.
As of writing, LINK is trading at $21.87 and has dropped 4.62 percent in the past 24 hours. Although the price has fallen due to the negative trend of BTC and ETH, investors seem to be optimistic about the LINK chain.
According to technical analysis, the Link Chain is at a critical turning point. The popular altcoin rose to $32 in November but has since fallen from that level and is currently trading around $21. If this support level holds, we could see the price move towards $32 again. However, if#LINKfails to hold this level, it could test lower levels.
In the past 24 hours, the number of chain transactions increased by 0.76 percent, reaching 10,000. This increase in transactions reveals that the network is becoming more active. Network activity is generally interpreted as a positive development.
Active addresses also increased by 0.83 percent in the past 24 hours, reaching 5,700. This increase indicates that interactions on the blockchain are strengthening, in line with the accumulation of whales. The increase in active addresses generally indicates a growing ecosystem and reinforces the bullish outlook.
