362,380 $LINK move in 48 hours: Here’s what Chainlink whales are up to
Chainlink [#LINK ] is making waves in the crypto market, with nine fresh wallets withdrawing 362,380 LINK worth $8.19 millio from Binance in just 48 hours. This significant whale activity highlights growing interest in LINK’s potential, sparking speculation about a price breakout.
At press time, Chainlink was trading at $21.87, reflecting a 4.62% drop in the past 24 hours. However, these movements hint at an impending shift in momentum that could reshape its trajectory.
🔸 Key resistance level could define LINK’s next move
The technical analysis shows Chainlink facing a critical moment. After surging to $32 in November, LINK retraced to its current level near $21, sitting at a significant support zone. This level holds the potential to serve as a launchpad for another bullish attempt toward $32.
However, if it fails to sustain, Chainlink could fall further, testing lower support levels. Therefore, traders should closely monitor these price levels as they define LINK’s immediate outlook.
🔸 LINK’s growing transactions hint at brewing activity
The transaction count for Chainlink increased by 0.76% in the last 24 hours, climbing to 10K. This uptick in activity indicates heightened on-chain movement and renewed interest among market participants.
Additionally, such an increase often correlates with price volatility, suggesting that Chainlink might be gearing up for significant movement. Therefore, this metric underscores the market’s anticipation for LINK’s next price action.
🔸 Rising active addresses reflect network confidence
Active addresses also grew by 0.83% in the past day, reaching 5.7K. This rise aligns with whale accumulation, signaling stronger engagement within Chainlink’s network.
Additionally, increasing active addresses often point to growing adoption, reinforcing bullish sentiment. Therefore, this data supports the view that LINK’s network is positioning for further expansion.
