Chainlink (LINK) experienced significant whale activity recently, with nine wallets withdrawing 362,380 LINK worth $8.19 million from Binance in just 48 hours. This surge in interest suggests growing enthusiasm for the token’s potential and hints at an impending shift in momentum.
Technical analysis indicates that Chainlink is approaching a critical support level near $21, which could serve as a launchpad for another bullish attempt toward $32. However, if it fails to sustain, LINK could fall further, testing lower support levels.
The token’s transaction count increased by 0.76% in the last 24 hours, reaching 10K, and active addresses grew by 0.83% to 5.7K. These metrics align with whale accumulation, signaling stronger engagement within Chainlink’s network.
Declining exchange reserves also suggest reduced selling pressure as holders move tokens off exchanges, potentially to hold for the long term. The combination of whale accumulation and shrinking reserves strengthens the argument for a bullish breakout.
Given this analysis, Chainlink appears poised to reclaim its $32 resistance in the near future, provided it maintains its critical support at $21.87.
Source: https://ambcrypto.com/362380-link-move-in-48-hours-heres-what-chainlink-whales-are-up-to