Chainlink Gearing Towards a Breakout as Whale Transactions Surge
Since Chainlink (LINK) has been engulfed in a ranging market, the eighteenth-largest cryptocurrency is showing its unwavering quest to break out from this zone.
Popular market analyst Michael van de Poppe took to X, formerly Twitter, to highlight that LINK looks set to leave the current zone to gain the much-needed upward momentum.
The analyst pointed out that Chainlink had set its eyes on creating a higher low around the $6.75 to $7 area, as this would propel its upside continuation.
Source: MichaelvandePoppe
Higher highs and higher lows illustrate a bullish momentum because they depict an uptrend.
On the other hand, crypto trader Rekt Capital believes that LINK ought to break and retest the current macro downtrend to experience a new uptrend.
Source: Rekt Capital
Therefore, Chainlink should break and retest the $8.5 area for sustained bullish momentum.
LINK’s price stood at $7.4 at the time of writing, according to CoinGecko data.
Chainlink’s Whale Transactions are Going Through the Roof
Famed for its decentralized nodes enabling smart contracts with even off-chain data sources, Chainlink continues attracting more players based on its innovation.
As a result, whale transactions on the LINK network have been surging. Crypto analyst Ali disclosed that Chainlink whales were making noteworthy transactions based on a remarkable increase in their holdings that stood at more than 3 million LINK.
Source: Santiment
Chainlink is also witnessing a rise in key stakeholder addresses, given that wallets holding between 100K to 1M LINK have increased by 27% since September 18, according to Santiment data.
Source: Santiment
Additionally, 4 more addresses hold between 1M to 10M LINK.
Therefore, LINK whales are accumulating more coins, given that holding has emerged as one of the favoured strategies in the crypto market.
Meanwhile, LINK bulls continue to front for a price surge since Chainlink illustrates notable network growth. For instance, Chainlink recently incorporated its Cross Chain Interoperability Protocol (CCIP) with a layer 2 network on the Ethereum blockchain called Base.
Filed under: Bitcoin - @ October 15, 2023 10:56 pm