The market has shown signs of recovery after a recent sell-off due to the German government dumping its reserves. Altcoins like Chainlink (LINK) have seen significant surges in value.
There has been a notable increase in LINK accumulation by unknown entities, possibly whales or institutional investors. Data from Lookonchain reveals that 93 new wallets have withdrawn 12.75 million LINK tokens worth $167 million from Binance since June 24, 2024. This accumulation trend suggests a bullish sentiment for LINK.
Analysts, including Ali Martinez, have noted that whales have purchased over 10 million LINK in the past two weeks, totaling nearly $120 million. Furthermore, IntoTheBlock has observed negative LINK exchange netflows, indicating that around $110 million worth of LINK has been withdrawn from exchanges in the last two weeks. This behavior often signifies an accumulation phase, where investors move assets off exchanges into long-term holdings.
This accumulation trend aligns with overall market sentiment, hinting at potential bullish developments for LINK in the near future. The asset is currently trading at $13.85, showing signs of bullish momentum. Experts are optimistic about LINK’s potential, predicting a target range of $19 to $22, suggesting significant upward movement.
LINK has maintained a strong uptrend over the years, and analysts believe that current conditions set the stage for a new bullish cycle. With recent whale accumulation and positive market sentiment, LINK may be on the verge of a substantial price surge.