Large transfers made by Chainlink (LINK) whales in a short period of time have raised concerns among investors.
Chainlink (LINK) continues to attract attention in the crypto market. In just 48 hours, nine new wallets have withdrawn a total of 362,380 LINK (worth around $8.19 million) from the Binance exchange. This move suggests increased interest from Chainlink whales and a flurry of activity in the market.
As of the time of writing, LINK is trading at $21.87, down 4.62% in the last 24 hours. While the negative price movements of major cryptocurrencies such as Bitcoin (BTC) and Ethereum (ETH) have caused LINK’s value to fall, investors maintain their positive expectations for Chainlink. Technical analysis shows that Chainlink has reached a critical turning point. The popular altcoin, which rose to $32 in November, has declined from this level and is currently trading at $21. If this support level holds, LINK’s price could move back toward $32. However, if this level cannot be held, lower price levels may be possible.
In the last 24 hours, Chainlink’s transaction count increased by 0.76%, reaching 10,000. This transaction increase indicates that the network is becoming more active. Usually, activity on the network is considered a positive development.
Active addresses also increased by 0.83% in the last 24 hours to 5,700. This increase indicates that whales are accumulating, as well as increasing interactions on the Chainlink network and strengthening the ecosystem. Increasing active addresses generally indicate that the network is growing and bullish expectations are increasing.
