$LINK In just five days, 30 large holders withdrew 1.37 million LINK from Binance, which amounts to 34.1 million USD!
The price of LINK has already risen by 4.01%, reaching 24.93 USD, and the actions of these large holders have made market sentiment a bit delicate.
According to experts in on-chain data analysis, these wealthy investors are specifically targeting LINK for stockpiling.
They typically do this to prepare for price increases. Withdrawing so much LINK from Binance is to respond to upcoming market changes.
From a technical standpoint, LINK is currently facing a challenge at the price level of 26.14 USD.
If it can't break through, it may have to hover around the current price, but although the MACD indicator suggests a slight downturn, the overall trend remains quite strong.
If LINK can break through 26.14 USD, then 30 USD becomes the next target. This would not only allow those optimistic about it to profit but also attract more attention.
However, if it cannot hold the current price, it may need to linger at a lower level for a while.
Interestingly, while the big players are actively moving, retail investors seem to be less enthusiastic. In the past week, the number of new users and active wallets for Chainlink has decreased significantly, indicating a decline in retail enthusiasm.
However, the actions of the large holders reflect another side of the market: although retail participation has cooled down, the big players are preparing for price increases. This contrast may indicate that the market is accumulating strength.
Looking at the trading volume and reserve amounts, the trading volume of LINK has increased, while the amount of LINK on exchanges has decreased slightly.
This indicates that there are fewer sales in the market, with demand remaining stable. This supply-demand imbalance is positive news for prices.
The price of LINK is currently at a critical moment. The stockpiling by large holders, the decrease in reserves, and the increase in trading volume all suggest a potential price increase.
If LINK can break through 26.14 USD, then 30 USD is not far off. This is not only a good opportunity but may also represent a significant turning point in market sentiment.
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