Whale activity in Chainlink jumps 41.5%, reflecting strong accumulation despite the token's recent price decline.
A notable SFR ratio increase signals growing scarcity, potentially supporting a rebound toward $30 or higher.
LINK's current price stands at $28.22, showing resilience despite broader market adjustments and selling pressure.
A Chainlink whale has withdrawn 100,000 LINK tokens valued at $2.95 million from Binance in 24 hours. This marks a significant increase in whale activity, reflecting strong accumulation trends even as LINK's price experiences a slight decline. Over the past three days, the same whale has pulled 529,999 LINK tokens worth $15.5 million, underlining heightened interest from large holders.
https://twitter.com/lookonchain/status/1868843017500807324
According to data from IntoTheBlock, whale activity has surged by 41.5%, signaling growing confidence among Chainlink’s largest investors. These whales appear to be accumulating LINK instead of selling, a trend that points to potential bullish momentum in the near term.
Additionally, this heightened activity coincides with LINK's recent price dip, suggesting that investors see the lower prices as an opportunity for strategic accumulation. This move highlights the importance of whale behavior in influencing the market sentiment for Chainlink.
LINK Price Faces Short-Term Pressure
Despite the uptick in whale interest, Chainlink’s price has seen a modest pullback. The token recently traded at $28.22, marking a 3.02% decline over 24 hours. LINK's price had previously reached a high of $30.49 before dropping to $27.49 amid broader market adjustments.
However, LINK's overall monthly performance remains positive, reflecting a resilient bullish sentiment among market participants. The token continues to show strong support at key levels, which could pave the way for a potential recovery.
Supply Scarcity Drives Optimism
A notable rise in Chainlink’s scarcity is contributing to market optimism. The supply-focused SFR ratio for LINK has jumped from 0 to 1618.48, indicating a tightening of available tokens in circulation.
Consequently, the reduced supply could fuel a price rebound if demand persists. Analysts suggest that if LINK maintains its current trajectory, it could test the $30 resistance level again, potentially extending gains to $32.2 in the coming sessions.
The growing interest in whales and rising scarcity signal a bullish outlook for Chainlink, even as short-term pressures persist. Although selling activity has created temporary headwinds, sustained accumulation by large holders suggests confidence in LINK's long-term potential. The market's ability to absorb these movements will be key in determining the token's trajectory.
