After encountering a pullback to $18 earlier this week, oracle service provider Chainlink (LINK) has once again surged by 10%, surpassing the $20 threshold. At the time of writing, the Chainlink (LINK) price is trading at $20.16, positioned at a crucial breakout intersection. Analysts have already forecasted a further surge to $25.
Chainlink Whale Make Massive Accumulation
In recent days, there has been a significant uptick in interest from Chainlink whales, particularly fueled by increased activity from a specific whale wallet. Data from Lookonchain reveals that this particular whale wallet has been steadily amassing LINK over the past three days. Presently, the whale wallet has acquired a total of 4,556,684 tokens, valued at approximately $83.6 million based on the current LINK price.
The continuous accumulation by this whale wallet is seen as a favorable sign, suggesting anticipations for a potential future increase in the LINK price.
Number of Holders is Increasing
A critical metric analysis unveiled a notable rise in the overall number of Chainlink holders. According to Santiment data, there has been a significant uptick in the number of LINK holders over recent months.
Between January and the present date, the number of holders has surged by roughly 9,000, reaching a total of 717,000 holders as per the latest data available. Further examination of the exchange supply indicates a recent trend where investors are withdrawing their LINK holdings from exchanges.
As per the latest data available, the supply on exchanges has also dropped to around 21.5% of the total LINK supply. This pattern also suggests that, as accumulation continues, a considerable portion of LINK holdings is shifting away from exchanges. The withdrawal from exchanges signifies anticipation of a potential future price surge, which could drive the LINK price upward from its current position.
The withdrawal from exchanges signifies an anticipation of a potential future price surge, which could drive the LINK price upward from its current position.
Chainlink (LINK) Price Movement
Despite many tokens experiencing a downtrend, Chainlink (LINK) has stood out as a notable performer, exhibiting significant price momentum over the last 30 days. With an impressive 35.37% surge last month coupled with an additional 15% gain in the past week, the prevalence of bullish momentum is evident from the green lines on the Chainlink charts.
Following its climb past the $18.57 resistance level, the next significant obstacle lies at the $20.58 resistance trendline. A successful breakthrough of this zone could potentially propel the Chainlink price towards the $25 mark in the coming months.