CryptoSlate reports that 54 new wallets have withdrawn 2.08 million LINK tokens worth $30.28 million.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 identified within the hourly timeframe.
The overall cryptocurrency market is currently turbulent, with top assets such as Bitcoin (BTC), Ethereum (ETH), and Binance Coin (BNB) experiencing losses.
According to data from blockchain analytics firm Lookonchain, amidst these challenging conditions, approximately 54 newly created wallets have withdrawn 2.08 million ChainLink (LINK) tokens, valued at $30.28 million.
This significant accumulation occurred across the world’s largest cryptocurrency exchanges over a period of seven days.
Lookonchain shared in a tweet (formerly Twitter) that whales and institutions may have completed this massive accumulation.
With prices approaching resistance levels, the $30.28 million LINK accumulation by these whales and institutions underscores their interest and confidence.
Linkage: Key Levels
Based on technical analysis by experts, LINK appears bullish with a golden cross (50-day moving average crossing 200-day moving average) occurring hourly, near a resistance level of $14.8.
However, recent accumulation data and the golden cross suggest bullish sentiments on the charts.
As of the time of writing, LINK was consolidating near the resistance level, with open interest (OI) rising nearly 2% in the past four hours, indicating investor and trader interest in the token.
A strong close of the 4-hour candle above $14.9 for LINK could potentially target $15.5 and $16.5 in the coming days, according to data from blockchain analytics firm Coinglass.
Yet, data also indicates more activity from short sellers than long buyers.
LINK Cost-Benefit Analysis
Despite optimistic prospects, LINK’s trading price was around $14.40 at the time of writing. According to CoinMarketCap, it has decreased by 1% to a high of $14.71 in the past 24 hours.
Reality Check: LINK’s Market Value under BTC Conditions
Nevertheless, a significant 24-hour trading volume surge of 2% suggests lower participation from investors and traders.
Over the past seven days, LINK has remained stable with a modest 1.3% increase due to ongoing consolidation. However, over the past 30 days, LINK has seen a loss of over 20% in gains.