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Crypto Whales Bet Big On LINK - Is Chainlink The Next Bitcoin?
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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Crypto Whales Bet Big On LINK – Is Chainlink The Next Bitcoin?

Scott Matherson
Scott Matherson
1 year ago
4 mins read
Chainlink

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The momentum of Chainlink (LINK) in February has largely subsided and the current performance of the crypto seems lackluster when compared with other large crypto assets. However, it would appear that the cryptocurrency is gearing up for some action in the coming weeks. Interestingly, new on-chain data has revealed a fresh accumulation pattern by LINK whales which could set up the resumption of a price uptrend.

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According to blockchain tracker Lookonchain, there’s been an outflow of 831,160 LINK worth $16.72 million from crypto exchange Binance in the past two days into eight new private wallets.

It seems that whales are buying $LINK!

We noticed that 8 fresh wallets withdrew 831,160 $LINK($16.72M) from #Binance in the past 2 days.

Address:https://t.co/bkikjTpUtyhttps://t.co/DaBt99fo8Ohttps://t.co/h8fjMdXiU4https://t.co/vcBkwRMUJMhttps://t.co/sD9YDQd4Sj… pic.twitter.com/77Y9RqF3t6

— Lookonchain (@lookonchain) March 9, 2024

Chainlink Whales Resume Accumulation Trend?

Whale transactions are largely monitored because they help to show the general sentiment among traders of a crypto asset. This recent accumulation into new wallets points to a lingering bullish belief in LINK in some large traders, despite the crypto currently having a weak momentum. 

Chainlink went on an unprecedented price spike in late January and rolled into the month of February, allowing it to cross over $20 for the first time in over two years. Throughout this time, the crypto witnessed increased accumulation from whales and investors. Notably, this price spike saw Chainlink overperforming in the wider crypto industry, including Bitcoin. As a result, LINK shot up in market cap rankings to overtake Dogecoin, Avalanche, Tron, and Polygon.

LINK market cap currently at $11.6 billion. Chart: TradingView.com

LINK’s price journey has slowed down since the beginning of March, with the crypto primarily trading in an $18.15 to $20.82 range in the past seven days. Data from Coinmarketcap shows that LINK is down by 4.70% in the same timeframe, despite huge inflows into Bitcoin, Ethereum, and meme coins like DOGE and SHIB.

However, the crypto is not out of it yet, as large LINK movements hint at deliberate market moves rather than mere speculation. The emergence of new wallets accumulating substantial amounts hints at a strategic positioning for an incoming price increase.

Chainlink To Rival Bitcoin?

Bitcoin has piggybacked on recent inflows into Spot Bitcoin ETFs to break through subsequent price levels and reach a new all-time high. On the other hand, Chainlink’s fundamentals and its massive utility in the DeFi, smart contracts, and NFT ecosystem point to consistent price increases. Chainlink is particularly poised to keep growing as these niches continue to gain adoption in the real world. 

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Ethereum Wallets Overflow: Over 90% Addresses In Profit, Ether To Retest ATH

1 year ago

At the time of writing, LINK is trading at $19.98. In a bullish scenario, LINK could resume a positive momentum bolstered by significant whale activity, allowing it to break past a resistance level of $20.8. If this trend continues, the token could aim higher and break past $21.4 and potentially reach $28 this month.

Featured image from Pexels, chart from TradingView

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Scott Matherson
Scott Matherson

Scott Matherson

Scott Matherson is a prominent crypto writer at NewsBTC with a knack for capturing the pulse of the market, covering pivotal shifts, technological advancements, and regulatory changes with precision. Having witnessed the evolving landscape of the crypto world firsthand, Scott is able to dissect complex crypto topics and present them in an accessible and engaging manner. Scott's dedication to clarity and accuracy has made him an indispensable asset, helping to demystify the complex world of cryptocurrency for countless readers.

Read more

Scott’s experience spans a number of industries outside of crypto including banking and investment. He has brought his vast experience from these industries into crypto, which allows him to understand even the most complex topics and break them down in a way that is easy for readers from all works of life to understand. Scott’s pieces have helped to break down cryptocurrency processes and how they work, as well as the underlying groundbreaking technology that makes them so important to everyday life.

With years of experience in the crypto market, Scott began to focus on his true passion: writing. During this time, Scott has been able to author countless influential pieces that have drawn in millions of readers and have shaped public opinion across various important topics. His repertoire spans hundreds of articles on various sectors in the crypto industry, including decentralized finance (DeFi), decentralized exchanges (DEXes), Staking, Liquid Staking, emerging technologies, and non-fungible tokens (NFTs), among others.

Scott’s influence is not just limited to the countless discussions that his publications have sparked but also as a consultant for major projects in the space. He has consulted on issues ranging from crypto regulations to new technology deployment. Scott’s expertise also spans community building and contributes to a number of causes to further the development of the crypto industry.

Scott is an advocate for sustainable practices within the crypto industry and has championed discussions around green blockchain solutions. His ability to keep in line with market trends has made his work a favorite among crypto investors.
In his personal life, Scott is an avid traveler and his exposure to the world and various way of life has helped him to understand how important technologies like the blockchain and cryptocurrencies are. This has been key in his understanding of its global impact, as well as his ability to connect socio-economic developments to technological trends around the globe like no one else.

Scott is known for his work in community education to help people understand crypto technology and how its existence impacts their lives. He is a well-respected figure in his community, known for his work in helping to enlighten and inspire the next generation as they channel their energies into pressing issues. His work is a testament to his dedication and commitment to education and innovation, as well as the promotion of ethical practices in the rapidly developing world of cryptocurrencies.

Scott stands steady in the frontlines of the crypto revolution and is committed to helping to shape a future that promotes the development of technology in an ethical manner that translates to the benefit of all in the society.

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