Mysterious Chainlink ($LINK) Whales Begin Accumulating Tokens Amid Broader Market Rally
A surge of interest is being observed for the decentralized oracle platform Chainlink ($LINK), as data from the blockchain reveals that a group of wealthy investors, commonly referred to as whales, have started accumulating significant amounts of LINK tokens.
According to Lookonchain, an on-chain analysis service, eight different wallet addresses recently withdrew a total of $16.72 million worth of LINK from the popular cryptocurrency exchange Binance over a span of two days.
This recent trend is not an isolated event. Lookonchain has been closely monitoring a series of “mysterious” whales, most likely institutional investors, who have been acquiring substantial quantities of LINK over the past few months. In February, the same analytics firm reported that these entities had amassed nearly $250 million worth of LINK, primarily through withdrawals from Binance. The fact that these whales are choosing to hold their funds on-chain rather than on exchanges indicates their long-term investment strategy.
Despite LINK’s current trading price of $20.5, which represents a growth of over 230% in the past year, the cryptocurrency has been underperforming compared to the broader market. This year, LINK’s value has only risen by 37%, while Bitcoin has surged by over 70%.
Earlier, a cryptocurrency analyst suggested that LINK faced significant resistance when trying to surpass the $20 mark. However, if it managed to break through this level, it could potentially experience a 40% surge to its next resistance level. The analyst identified 5,330 addresses holding over 8.59 million LINK tokens between the $20 and $19.4 range.
Another analyst, Inmortal, shared on the microblogging platform X that after years of extensive research, he believes LINK is highly undervalued. He further stated that at some point in the ongoing market cycle, LINK could potentially reach a value of $100 per token.
At the time of writing, LINK is trading at $18.7 per token, demonstrating a growth of over 150% in the last 12 months and more than 35% in the past 30 days.
Image Source: Pixabay.