In just five days, 30 whales withdrew 1.37 million $LINK tokens from the Binance trading platform, which is worth about 34.1 million USD! The price of LINK has also risen to 24.9 USD, an increase of 4.01%. The actions of these whales have made market sentiment a bit complicated.
Experts analyzing on-chain data have said that these whales are not casually buying LINK; they plan to stock up.
Their actions are clearly aimed at preparing for a price increase later. By withdrawing so much LINK from Binance, they are responding to market fluctuations.
From a technical perspective, LINK is currently facing a challenge at the price of 26.14 USD.
If it can't get past this hurdle, it may have to linger around the current price for a while. Although one indicator suggests a slight decline, overall, LINK is still quite strong.
If LINK can break through 26.14 USD, then 30 USD will be its next target. This not only allows those who are optimistic about it to make a profit but also attracts more attention.
However, if it cannot maintain the current price, it may need to stay at lower levels for a while.
Interestingly, while the whales are actively taking action, retail investors seem to be less engaged. In the past week, the number of new users and active wallets for Chainlink has decreased, indicating a bit of cooling among retail investors.
However, the actions of the whales reveal another side of the market: although retail investors are a bit quiet, the big players are quietly preparing for a price increase. This contrast might mean that the market is building momentum.
Looking at the trading volume and reserve amount, the trading volume of LINK has increased, and there are fewer LINK tokens on exchanges.
This indicates that there are fewer sales in the market while demand remains quite stable. This supply-demand imbalance is a good sign for prices.
LINK's price is currently at a critical moment. The stocking up by whales, the decrease in reserves, and the increase in trading volume all indicate that LINK may soon increase in price.
If LINK can break through 26.14 USD, then 30 USD will not be far behind. This is not only a good opportunity but could also lead to a 180-degree turnaround in market sentiment.
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