The crypto market hit on Monday as U.S. interest rates rose, with Federal Reserve Chair Jerome Powell maintaining his hawkish stance. Bitcoin (BTC) dropped to $42,200 from a high of $43,400, and most other cryptocurrencies followed suit, with an average decline of 1.3%. Chainlink (LINK), however, stood out with a remarkable rally, reaching new yearly highs above $18. Looking at the market report, Crypto whales are purchasing like crazy in anticipation of LINK’s rise.
Here’s what to expect from LINK in the coming weeks.
Whales on the Move: Accumulating Chainlink, Will it Hit New ATH?
Amid this surge, crypto whales, or large investors, have been observed accumulating Chainlink (LINK) tokens. According to Lookonchain, a blockchain analytics firm, a mysterious entity has purchased $42 million worth of LINK tokens in recent days.
Lookonchain revealed that 47 new wallets withdrew a total of 2,237,504 LINK tokens from Binance, indicating significant buying activity by this undisclosed entity. This strategic accumulation suggests confidence in Chainlink’s prospects and utility within the crypto space.
However just one day ago, $4.12 million worth of LINK tokens were withdrawn from Binance and distributed across eight newly created wallets. The consistent accumulation of LINK signals a deliberate effort to add this specific cryptocurrency.
Expert Insight on Recent LINK Breakout, Is $20 incoming?
The impact of these transactions on the market has been tangible, with LINK’s price rising to $19.09, reflecting a 2% increase in the last 24 hours and a remarkable 41.09% surge over the past 30 days. However, Ali Martinez, a crypto analyst, warns that at this stage Chainlink may encounter strong resistance between $19.40 and $20.03, with 5,330 addresses holding over 8.59 million LINK. However, if it breaks through, Martinez believes the next important resistance is at $26.87, offering a potential 38% price surge.
Changelly also expects Chainlink (LINK) to rise. LINK should reach $20.65 on Feb. 12, 2024, according to the platform. However, it may hit $22 on Feb. 15, 2024.
Plus, LINK’s trading volume has seen a notable increase, reaching $941,499,686 over 24 hours.
Chainlink peaked at $52 in May 2021. While that figure is still far off, Chainlink’s recent performance suggests interest is growing at a similar rate. Link appears to be continuing its rise, making Chainlink one of the top-ten performing cryptocurrencies to monitor in the coming months.
