- Chainlink surges 24% on dormant whale activity, sparking renewed market interest.
- Technicals signal LINK’s potential breakout towards $25–30.
The cryptocurrency market has witnessed a significant surge in Chainlink (LINK) prices, with a notable 24% increase this week and reaching a two-year high currently at $19.6. This surge is fueled by a series of intriguing events, including a surge in dormant whale transactions, technical indicators pointing towards a bullish trend, and increased trading volume.
Notably, according to the data from Lookonchain, hours ago, four newly activated wallets collectively withdrew 119,583 LINK tokens, equivalent to approximately $2.15 million, from Binance in the recent hours. This movement suggests a renewed interest from large holders in the Chainlink ecosystem, possibly indicating a shift in market sentiment.
Moreover, Blockchain analytics platform Santiment has recently highlighted a crucial metric for Chainlink – the “Age Consumed” metric. The metric recorded its highest-ever reading at 5.38 billion, indicating a substantial movement of tokens that were dormant for an extended period. This awakening of long-dormant LINK whales, who are now transferring significant sums back into circulation, has ignited FOMO among smaller investors, contributing to the recent price surge.
Santiment also observed minor liquidations from wallets historically associated with fear, often preceding further upside movements. This suggests that nervous investors may be exiting, paving the way for a more confident and optimistic market.
Technical analysts are also weighing in on LINK’s potential. The cryptocurrency has confirmed a higher price low. And research reveals that the analysts are predicting a “massive breakout” towards the $25–30 range.
In the last 24 hours, LINK has surged by 6%, and in the same timeline, trading volume has seen a remarkable 62% increase, reaching $889 million. It indicates heightened market activity. As Chainlink continues to gather momentum and with positive indicators aligning, market participants are closely watching for further developments. The community anticipates a potential extended rally.
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- Source: https://thenewscrypto.com/chainlink-soars-24-on-whale-activity-and-positive-technicals/
