Chainlink (LINK) Price Jumps 10% Past $20 Amid Strong Whale Accumulation

After facing a pullback to $18 earlier this week, oracle service provider Chainlink (LINK) has once again jumped by 10% shooting past the $20 level. As of press time, the Chainlink (LINK) price is trading at $20.16 standing at a crucial breakout junction. Analysts have been already predicting a further rally to $25.

Chainlink Whale Makes Huge Accumulation

In recent days, there has been a notable surge in interest from Chainlink whales, particularly spurred by intensified activity from a specific whale wallet.

Data from Lookonchain indicates that this particular whale wallet has been steadily accumulating LINK over the past three days. As of now, the whale wallet has acquired a total of 4,556,684 tokens, valued at approximately $83.6 million based on the current LINK price.

The continuous accumulation by this whale wallet is viewed as a positive indicator, hinting at expectations for a potential future rise in the LINK price.

A critical metric analysis revealed a significant rise in the total number of Chainlink holders. According to Santiment data, there has been a noticeable increase in the count of LINK holders over the recent months.

Between January and the present date, the number of holders has surged by approximately 9,000, reaching a total of 717,000 holders as per the latest data available. Additional examination of the exchange supply reveals a recent pattern where investors are withdrawing their LINK holdings from exchanges.

As of the latest data available, the supply on exchanges has also decreased to around 21.5% of the total LINK supply. This trend also suggests that, as accumulation persists, a considerable portion of LINK holdings is moving away from exchanges.

The withdrawal from exchanges signifies an expectation of a possible future price surge, which could drive the LINK price upward from its current position.

LINK Price Action

Despite many tokens experiencing a downtrend, Chainlink (LINK) has been a standout performer, showcasing substantial price momentum over the last 30 days. With a remarkable 35.37% surge last month coupled with an additional 15% gain in the past week, the dominance of bullish momentum is evident from the green lines on the Chainlink charts.

Following its ascent past the $18.57 resistance level, the next significant hurdle lies at the $20.58 resistance trendline. A successful breakthrough of this zone could potentially propel the Chainlink price towards the $25 mark in the forthcoming months.

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Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.

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