Chainlink is showing strong growth with increasing transactions and whale accumulation. This attracts the attention of cryptocurrency whales to altcoins. Meanwhile, a LINK-obsessed whale persisted and managed to make it into the snow.
LINK-obsessed whale finally made it to the snow!
cryptokoin.com As you follow from , Chainlink was one of the altcoins that attracted attention in the last run in the market. In addition, the interest of cryptocurrency whales in LINK does not go unnoticed. There are even some of them who obsessively insist on LINK. One of them has been accumulating LINK since the end of October. According to data from on-chain analysis platform Lookonchain, this whale purchased 79,999 LINK worth $1.2 million from Binance. Lookonchain announced this development through the X account as follows:
A whale withdrew another 79,999 LINK (1.2 million USD) from Binance 2 hours ago. Since October 23, Whale has withdrawn 615,097 LINK ($7.16 million) from Binance at $11.65, making a profit of $1.9 million.
A whale withdrew another 79,999 $LINK($1.2M) from #Binance 2 hrs ago.
The whale has withdrawn 615,097 $LINK($7.16M) at $11.65 from #Binance since Oct 23, with a current profit of $1.9M. pic.twitter.com/lZmDsUfpUL
— Lookonchain (@lookonchain) November 13, 2023
Meanwhile, this whale tracked by Lookonchain had previously withdrawn 450,997 LINK ($3.66 million) from Binance at $8.12 on April 17 and April 18, and then deposited it to Binance on June 10 at $5.21. It had lost ~$1.31 million. Therefore, the whale did not give up and finally managed to make a profit on the net.
On-chain data points to optimism for altcoin
Meanwhile, Chainlink is showing remarkable resilience and profitability, riding the market’s bullish wave. 56% of LINK holders are currently profitable. This is in line with trends in other leading cryptocurrencies. This marks a shift from the dominance of the bear market, where 70% of holders faced losses for more than a year. All in all, the current landscape paints a picture of recovery and optimism for LINK enthusiasts.
According to the latest IntoTheBlock data, the Chainlink network recorded a 436% increase in daily transactions from monthly lows. Thus, it exhibits strong transaction health. This increase is not just in numbers; The transaction volume also reflects this positive trend. Recently, Chainlink’s daily on-chain transaction volume increased to $515 million, a figure last seen in July 2022. Moreover, whale activity further supports LINK’s bullish narrative. Large holders controlling more than 1% of the supply accumulated more than 52 million LINK in the past month. This net accumulation indicates strong belief in the altcoin’s value and potential. Therefore, it further strengthens the positive outlook of the market.
What does the technical picture of LINK look like?
Crypto analyst Kelvin Munene looks at the technical picture of LINK. The final technical picture offers a nuanced picture of the cryptocurrency’s market dynamics. Currently standing at $14.32, LINK’s price action indicates an uptrend characterized by a sharp increase in value. However, this upward trajectory is showing signs of a potential reversal or pullback, as evidenced by the emergence of a red candlestick in the last trading session. This signals a temporary halt or slowdown in bullish momentum.
Meanwhile, the Relative Strength Index (RSI) is hovering above 60. This level indicates strong bullish momentum. However, it is important to note that the RSI has recently retreated from the overbought region above 70. This pullback could indicate selling pressure, which is a common occurrence for altcoins after significant price increases in the market.
Moving Average Convergence Divergence (MACD) further supports this analysis. The MACD is currently above the signal line. This shows that bullish momentum prevails. However, a closer look at the histogram shows a decrease in this momentum as the bars become smaller. This pattern typically indicates that the uptrend is losing strength.
