Amidst a broader market rally, signs emerge of increased interest in the decentralized oracle platform Chainlink ($LINK) as data reveals substantial accumulation of tokens by influential investors, known as whales.
Institutional Accumulation Observed as Eight Wallets Withdraw $16.72M in LINK from Binance
Eight wallet addresses have withdrawn $16.72 million worth of LINK from Binance within a two-day span, according to data from Lookonchain. This activity mirrors a consistent pattern observed by the analysis service, indicating ongoing accumulation by what appear to be institutional investors.
Lookonchain Reports Institutional Accumulation of Over $250M in LINK with Preference for On-Chain Storage
Over the past few months, Lookonchain has tracked a series of acquisitions totaling nearly a quarter of a billion dollars in LINK. Notably, these transactions involve withdrawals from Binance, suggesting a preference for on-chain storage over exchanges among these entities.
LINK Trails Bitcoin in Performance, Trading at $20.5 Following a 230% YTD Surge
While LINK currently trades at $20.5, marking a significant 230% increase in the past year, its performance lags behind that of Bitcoin, having risen by only 37% this year compared to Bitcoin's 70% surge.
LINK Faces Challenges in Breaching the $20 Mark
One cryptocurrency analyst noted LINK's challenge in surpassing the $20 mark due to "stiff resistance." This resistance level, if broken, could potentially lead to a 40% surge to the next resistance point, as suggested by market analysis.
Analyst Inmortal speculates that LINK might reach $100 per token
Inmortal, another analyst, expressed optimism about LINK's potential, deeming it "extremely undervalued" after years of research. He speculated that during this market cycle, LINK could reach $100 per token, reflecting a bullish sentiment among some observers.
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