Chainlink Surges To 22-Month High: Whale Activity Raises Eyebrows

The remarkable rise of Chainlink (LINK) in the yearly chart has been nothing short of extraordinary, skyrocketing from $4.9 to $20.8.

In a significant milestone, LINK has hit a 22-month high with an impressive 11% surge, breaking the $20 mark for the first time in years.

This surge in price has been accompanied by increased activity in the Chainlink network, with a rise in active addresses and the creation of new addresses. However, despite the bullish trend across the crypto market, LINK saw a slight decline of 1.6% in the past 24 hours.

On-chain data suggests that some whales may be capitalizing on the price surge by taking profits. Lookonchain reported a notable instance where a whale deposited 244,958 LINK ($4.96 million) to Binance, potentially indicating a sell-off for profit.

Further Notable Whale Movements Around Chainlink LINK

Further analysis reveals that this particular whale withdrew 495,057 LINK ($7.5 million) from Binance on multiple occasions, including Jan 28, Feb 2, and Feb 7, at an average price of $15.12 per LINK.

Currently, the whale holds 250,000 LINK ($5 million), resulting in a total profit of approximately $2.5 million from these transactions.

The increased whale activity raises eyebrows within the crypto community, prompting speculation about the potential impact on LINK’s price trajectory in the near future.

As Chainlink continues to experience upward momentum, investors remain vigilant, monitoring whale activity and its potential implications for the market.

Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.

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Image Source: skorzewiak/123RF // Image Effects by Colorcinch

Via: https://themerkle.com

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