The recent volatility in the crypto market has failed to weaken whales’ and institutions’ interest in Chainlink (LINK). Crypto Quant, an on-chain analytics tool, disclosed that LINK reserves on exchanges are significantly lower. This indicates that big players are accumulating the token.
According to the exchange reserve metric, LINK reserves sharply declined by 13 million LINK from 141.27 million to 128.73 million over the past 30 days. During this period, along with the LINK reserve, the token price has also declined notably from $15.83 to $13.86, hitting a low of $11.60.
Chainlink (LINK) Exchange Reserves See Sharp 13 Million Token Drop
In crypto, the exchange reserve metric highlights whether an asset is being accumulated or moving back to exchanges for potential sell-off.
If exchange reserves continue to decline, it points to whale accumulation, whereas a surge in exchange reserves suggests investors’ potential preparation for a sell-off. With the recent 13 million LINK tokens withdrawal from the exchange market, participants expected the price to stabilize near the current level. At the press time, LINK/USD is exchanging hands at $14.17, up 3.45% for the day.
Further, Chainlink posted on its X that its LINK reserve increased by 81,131.31K, raising the total reserve to 1.05 million. This announcement also adds to the bullish sentiment.
Meanwhile, a whale wallet address “0xbc6” also accumulated 557.9k LINK worth $7.99 million from Coinbase, further strengthening the asset’s bullish outlook.
All these — from falling exchange reserves, to the surge in Chainlink’s LINK reserve, to whale accumulation — point toward growing bullish momentum and increasing buying pressure on the asset.
Analyst Eyes $150 Target for LINK
Amid the market uncertainty, a prominent crypto analyst made a bold prediction. In the post on X analyst noted that LINK has the potential to hit $150 before the bull run ends.
The analyst further points out that the range of $10 – $14 is a major accumulation zone before the next leg up, and it remains bullish until it holds $9.80 level. The analyst marked $30 and $50 are the targets before LINK hit $150 level.
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