Chainlink (LINK) has experienced a significant surge, with its market cap climbing by 19% in the past 24 hours, decoupling from the broader altcoin market.

This rally has brought the number of 100,000+ LINK holders to 564, marking a 4.6% increase in just five weeks. 

If social dominance remains stable and FOMO (fear of missing out) doesn’t dominate, bullish conditions for LINK appear likely.

#Chainlink‘s market cap has shot up +14% in the past 8 hours, decoupling from the #altcoin pack. There are now 564 100K+ $LINK whales, a +4.6% rise in just 5 weeks. If social dominance calms and #FOMO doesn’t take over, #bullish conditions are ahead. https://t.co/UQcQvD2jzk pic.twitter.com/SK1y43XxJv

— Santiment (@santimentfeed) May 17, 2024

Despite the price spike, several on-chain reports indicate that whales are taking profits. Spartan Group recently deposited 140,400 LINK ($2.32 million) to Binance.

These tokens were originally withdrawn from Binance at an average price of $6.472 in July and September 2023. With LINK now priced at $16.54, Spartan Group realized an estimated profit of $1.41 million, a 156% gain.

Spartan Group just deposited 140.4K $LINK ($2.32M) to #Binance for profits as the $LINK price soared ~20% (24H).

The VC withdrew those tokens from #Binance at only ~$6.472 in Jul and Sep 2023 and now deposited to the CEX at $16.54, realizing an est. profit of $1.41M (+156%).… pic.twitter.com/lSiTFn9vXl

— Spot On Chain (@spotonchain) May 17, 2024

Whales Capitalizing On LINK Price Surge To Make Profits 

Roosh (@KingsFantom) also made a significant move, selling 201,869 LINK ($2.78 million) at $13.80. However, his timing wasn’t perfect, as the price of LINK increased by approximately 18% shortly after his sale. Had he waited, he could have earned an additional $497,000.

Roosh(@KingsFantom) sold 201,869 $LINK($2.78M) at $13.8 22 hours ago.

But he sold it too early, after he sold, the price of $LINK increased by ~18%.

If he had waited a little longer to sell $LINK, he would have received an additional $497K!

Address:… pic.twitter.com/dd1NzPf9Ny

— Lookonchain (@lookonchain) May 17, 2024

Another trader sold 117,440 LINK ($1.84 million) at $15.71, realizing a profit of $205,800. This trader has a history of trading LINK 15 times, with 9 profitable trades, resulting in a 60% win rate and a total profit of $267,800.

A trader sold 117,440 $LINK($1.84M) at $15.71 1 hour ago, making a profit of $205.8K.

This trader has traded $LINK 15 times, 9 of which were profitable, with a win rate of 60%, and a total profit of $267.8K. pic.twitter.com/ZC3p6fhWV5

— Lookonchain (@lookonchain) May 17, 2024

As Chainlink continues to attract attention and significant investment, its market performance is being closely monitored.

The recent whale activity highlights both the potential for substantial gains and the risks associated with timing the market. Overall, the outlook for LINK remains bullish, especially if social dynamics and investor behavior align favorably in the coming days.

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

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

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Filed under: Bitcoin - @ May 19, 2024 4:37 am