• Chainlink whale withdraws 100,000 LINK tokens, totaling $2.95 million in just 24 hours.

  • Whale activity surges 41.5%, signaling strong accumulation despite LINK's recent price decline.

  • Rising scarcity and whale interest suggest LINK may rise to $30 or higher soon.

Chainlink (LINK) recently hit a high of $30.49, but a market pullback followed. The altcoin dropped to $27.49 and is now trading at $28.22, showing a 3.02% decline in 24 hours. Despite this, LINK has seen strong gains over the last month. The market still looks bullish, especially with the surge in whale activity. So, how will the recent $2.95M whale withdrawal affect Chainlink's price?

https://twitter.com/lookonchain/status/1868843017500807324?t=lGYEMidRq-EdZKAQ-ihwxA&s=19 Whale Activity Signals Confidence

A Chainlink whale withdrew 100,000 LINK tokens worth $2.95 million from Binance Exchange in the last 24 hours. In total, this whale has pulled 529,999 LINK tokens, worth $15.5 million, over the past three days. This increase in whale activity suggests strong accumulation as the price drops.

The whale activity has jumped by 41.5%, according to IntoTheBlock, pointing to growing confidence among large holders. This accumulation by whales suggests that investors are holding onto LINK, rather than selling. This trend signals a possible bullish setup if LINK can regain upward momentum.

Will LINK Recover?

While whale accumulation is a good sign, LINK still faces some short-term price pressure. The recent dip shows that sellers have control for now. However, LINK’s long-term outlook remains promising. The SFR ratio for LINK has jumped from 0 to 1618.48, indicating growing scarcity.

As supply tightens, demand could drive the price higher. If LINK holds ground, the altcoin could rise to the $30 resistance level again, possibly reaching $32.2. On the other hand, if selling pressure continues, the price may dip further to $26.9. The growing whale interest points to a potential rebound, but how LINK moves in the coming days will be critical.

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