Key Takeaways
- Two newly created wallets moved 95.7k Chainlink (LINK), worth $1.58 million, from Binance.
- An expert reveals that over the past month, 63 million LINK have exited the exchanges.
- Price action suggests that if LINK fails to clear $17, it could see a price dip of 13%, but if it breaks above this level, it could experience a potential rally of over 23%.
Chainlink (LINK) has been in a downtrend since mid-August, but recent whale activity suggests a potential reversal. Crypto tracker The Data Nerd reports that two newly created wallets have withdrawn a massive 95.7k LINK, worth nearly $1.58 million, from Binance.
Chainlink Whales on Buying Spree
According to the data, these whales have withdrawn a total of 234k LINK tokens, worth $3.82 million, from Binance over the past four days.
In the crypto landscape, the withdrawal of assets from exchanges typically indicates potential accumulation and often suggests an ideal buying opportunity.
Adding to this potential accumulation, a crypto analyst shared data from the on-chain analytics platform Santiment, revealing that more than 63 million LINK tokens have been withdrawn from exchanges over the past month.
This potential accumulation was recorded while the LINK price was in a downtrend, raising questions about whether this is an ideal buying opportunity or if the price could fall further in the coming days.
Current Price MomentumÂ
Today, according to the latest TradingView data, LINK is trading at $16.17, posting a modest price dip of 1.24%. However, traders’ and investors’ participation amid this decline surged impressively, with trading volume rising 15% to $840 million.
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Chainlink (LINK) Technical Analysis and Price ActionÂ
TimesCrypto’s technical analysis reveals that LINK is in a downtrend on both higher and lower timeframes. On the daily chart, the asset has continued its downtrend since mid-October, while on the four-hour chart, it has formed a textbook-style bearish descending channel pattern.
The recent price uptick over the past week pushed the asset to the upper boundary, but today’s dip has reinforced the bearish outlook.
Based on the current price action, if LINK fails to break above the upper boundary and the horizontal resistance at $17, it could continue its bearish trend and may see a price dip of over 13%, potentially reaching the $13.90 level.
However, if sentiment shifts and LINK breaks above the upper boundary and the $17 level, it could experience strong upward momentum of over 23% and potentially reach the $21 level.
As of press, LINK’s Supertrend indicator continues to show a red trend, hovering above the asset price, suggesting that the asset remains in a downtrend.
Meanwhile, the Chaikin Money Flow (CMF) has reached 0.12, indicating a mild inflow of capital and some buying interest despite the overall bearish momentum.
