Concerns over recent large transactions by Chainlink (LINK) whales have attracted the attention of the cryptocurrency community. Here are the key points related to this situation:
LINK withdrawal activity from Binance
• In the past 48 hours, nine new wallets have withdrawn a total of 362,380 LINK (worth about 8.19 million USD) from Binance.
• This may reflect two moves: whales accumulating LINK or preparing for decentralized finance (DeFi) transactions.
Price situation and technical analysis
• The current price of LINK is trading around 21.87 USD, down 4.62% in the last 24 hours.
• Technical analysis shows that LINK is at a critical support level. If maintained, the price could recover to 32 USD. If not, the risk of dropping to a lower support level is very high.
Increased network activity
• The number of transactions on the network increased by 0.76% in the last 24 hours, reaching 10,000 transactions.
• The number of active addresses also increased by 0.83%, reaching 5,700 addresses. This indicates that the Chainlink network is becoming more dynamic.
Concerns and potential
1. Concerns:
• Withdrawing LINK from Binance may be a sign of future selling pressure.
• Recent price drops may lead to negative market sentiment if support levels are not maintained.
2. Potential:
• Increased network activity and whale accumulation are often positive signs, reflecting long-term confidence in the project.
• If LINK overcomes short-term obstacles, the prospect for price recovery will be very high.
What are the whales planning?
• Long-term accumulation: Whales often take advantage of low prices to accumulate, indicating they expect price increases in the future.
• Support for DeFi projects: A large amount of LINK can be used as collateral or to provide liquidity on DeFi protocols.
• Profit-taking transactions: Some whales may be preparing to sell if prices surge in the short term.
Overall, this trend indicates that Chainlink is at a critical phase. Investors should closely monitor support price levels and whale activity to make informed decisions.