Chainlink’s large wallet holders pull $216 million worth of LINK out of exchanges, fuel gains
Trending Articles- Markets in 2026: Will gold, Bitcoin, and the U.S. dollar make history again? — These are how leading institutions think
- Trump says Venezuela's Maduro deposed, captured after US strikes
- Bitcoin Price Surges To $90,000. U.S. Arrests Venezuela's President, Triggers Bull Frenzy
- U.S. to freeze and take control of Venezuela's Bitcoin holdings after Maduro capture
- Ethereum Price Forecast: Accumulation addresses post record inflows in December despite high selling pressure
- Gold Price Forecast: XAU/USD climbs to near $4,350 on Fed rate cut bets, geopolitical risks
●Chainlink has observed accumulation by large wallet investors and entities.
●LINK’s large wallet holders are pulling their holdings off exchanges, reducing the altcoin’s circulating supply.
●LINK price climbed nearly 5% in the past week, the altcoin could revisit its 2024 high.
Chainlink has noted accumulation by entities and holders in the past two weeks. The altcoin recently rallied to a peak of $20.85 on February 12.
Chainlink accumulation fuels gains in the altcoin
Crypto intelligence tracker Lookonchain identified that 83 fresh wallets, likely belonging to the same institution, have withdrawn a total of 11,097,687 LINK tokens worth $216.4 million from Binance.
In the past two weeks, over 11 million LINK were effectively pulled out of circulation, likely positively influencing the asset’s price. In the past week, LINK price climbed nearly 5%.
LINK wallet accumulation. Source: Lookonchain
The whale behind these wallet addresses has previously accumulated LINK and positively influenced the asset’s price. In the second week of February, the whale scooped up 5,587,368 LINK tokens worth $112 million from Binance, via 55 addresses. This was followed by a 15% increase in LINK price, in the same timeframe.
Among other catalysts, whale activity has therefore emerged as a key influencer of Chainlink price.
Chainlink accumulation by whales. Source: CoinMarketCap
LINK price is currently above the 23.6% Fibonacci Retracement level of the climb to Chainlink’s 2024 peak, at $18.81. This level is likely to act as support for LINK in its climb towards the 2024 peak of $20.85.
In the event of a daily candlestick close below $18.81, LINK price could nosedive to 38.2% Fibonacci Retracement at $17.54, before a recovery.
LINK/USDT 1-day chart, Source: TradingView
Read more
* The content presented above, whether from a third party or not, is considered as general advice only. This article should not be construed as containing investment advice, investment recommendations, an offer of or solicitation for any transactions in financial instruments.
