Chainlink ($LINK) Whales Go Big: What's Behind the Surge in Token Accumulation?

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Eight wallet addresses have withdrawn $16.72 million worth of LINK from Binance within a two-day span, according to data from Lookonchain.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.