Cryptocurrency News:
54 new wallets have withdrawn 2.08 million LINK tokens worth $30.28 million. At the time of writing, LINK appears bullish, with a golden cross detected within the hourly timeframe.
The overall cryptocurrency market is tumultuous, with top assets including Bitcoin (BTC), Ethereum (ETH), and Binance Coin (BNB) experiencing losses.
According to on-chain analysis firm Lookonchain, in this challenging scenario, nearly 54 newly created wallets have withdrawn 2.08 million ChainLink (LINK) tokens, valued at $30.28 million.
This substantial accumulation occurred over seven days on the world’s largest cryptocurrency exchanges. Lookonchain shared in a post on X (formerly Twitter) that whales and institutions may have completed this significant accumulation.
With prices nearing resistance levels, the $30.28 million LINK accumulation by these whales and institutions demonstrates their interest and confidence.
Link: Key Levels
According to technical analysis experts, LINK appears bullish with a hourly golden cross (50-day moving average crossing 200-day moving average), approaching a resistance level around $14.8.
However, recent accumulation data and the golden cross indicate a bullish trend on the charts.
As of the time of writing, LINK is consolidating near the resistance level, with open interest (OI) surging nearly 2% in the past four hours, potentially indicating increased interest from investors and traders in the token.
If LINK’s 4-hour candle closes strong above $14.9, we may see targets of $15.5 and $16.5 in the coming days.
According to on-chain analysis firm Coinglass, if LINK breaches and closes above $14.9, we might witness short-term liquidations worth $4.9 million.
However, data also suggests more activity from short-sellers compared to long buyers.
LINK Price Analysis
Despite optimistic prospects, LINK’s trading price is around $14.40 at the time of writing. According to CoinMarketCap, it has dropped 1% in the past 24 hours, reaching a high of $14.71.
Reality Check: LINK’s market cap under BTC conditions is as follows.
Nevertheless, the 24-hour trading volume surged by 2%, indicating relatively lower investor and trader participation.
Over the past seven days, LINK has maintained stability, experiencing a modest 1.3% uptick. However, over the past 30 days, LINK has lost over 20% in gains.
