- Chainlink (LINK) is recovering strongly alongside Bitcoin's rise to near $98,000, with LINK gaining significant momentum after recent market declines.
- 30 newly created wallets withdrew 1.37 million LINK tokens worth $34.1 million from Binance over five days, indicating major whale accumulation.
- LINK successfully retested its support at $20.50 after breaking above the $19.10-$22.52 resistance range and reaching a high of $30.80 earlier this month.
- Currently trading at $24.89, LINK could potentially climb back to its recent high of $30.80, representing a 23% upside from current levels.
Date: Wed, Dec 25, 2024, 08:57 AM GMT
In the last 24 hours, the cryptocurrency market has shown promising signs of recovery after recent declines. Bitcoin (BTC), which briefly dipped to $92,000 last week, has regained momentum, rising near to $98,000 with a notable gain of over 4% today. This positive trend has also benefited top altcoin Chainlink (LINK), which is experiencing a recovery with significant gains today.
Whale Accumulation
As LINK hit a key support level during the recent dip, activity among large whales surged significantly. Data from Lookonchain reveals a suspicious accumulation pattern:
Over the past five days, 30 newly created wallets have withdrawn 1.37 million LINK tokens (worth $34.1 million) from Binance.
This significant outflow from a centralized exchange suggests that whales are accumulating LINK for long-term holding rather than short-term trading. Such moves typically reflect a vote of confidence in the token’s future, as large investors anticipate upward price movements.
Key Levels and What’s Ahead for LINK
During the recent dip, LINK successfully retested its previous breakout zone, touching the $20.50 level. This bounce came after LINK broke above the critical $19.10–$22.52 resistance range earlier this month, propelling the token to a high of $30.80.
Currently, LINK is trading at $24.89, reflecting a strong recovery from earlier corrections. From here, LINK could aim for a climb back to its recent high of $30.80—representing a potential 23% upside from its current price.
Final Thoughts
While LINK’s recent performance is encouraging, investors should remain cautious and informed. Whale accumulation and strong technical indicators suggest a bright outlook, but market volatility remains a constant factor.
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