NAIROBI (CoinChapter.com) — Chainlink (LINK) is under the spotlight as whales quietly accumulate massive amounts of the token. Recent large withdrawals from Binance have caught the attention of traders and analysts, sparking speculation about LINK’s next price move.
$34.1M in LINK Moved to Self-Custody Wallets
Over the past five days, a total of 1.37 million LINK, worth $34.1 million, has been withdrawn from Binance by 30 newly created wallets. These wallets, holding anywhere from 5,000 to 151,000 LINK each, reflect a clear accumulation trend. The tokens were transferred to self-custody wallets, suggesting that large investors are preparing for potential market shifts.
This accumulation coincides with LINK trading near $24.20 after approaching $30 earlier this month. Analyst Mihir highlighted $22 as a key support level, noting that whales appear to be buying the dip. This follows a 27% gain over the past month despite LINK experiencing a 25% decline in the last week.
Whales Accumulate Over $44M in LINK During Price Dip
Chainlink has witnessed a surge in whale activity, with wallets holding between 10 million and 100 million LINK coins increasing their holdings. According to crypto analyst Ali Martinez, these wallets collectively added 4 million LINK, worth over $44 million, in a short period.
Blockchain analytics platform Lookonchain supported this observation with a report highlighting nine newly created wallets withdrawing 362,380 LINK, valued at $8.19 million, from Binance in the past 48 hours.
The accumulation trend isn’t limited to new players. World Liberty Financial (WLFI), a DeFi project associated with Donald Trump’s family, recently boosted its LINK holdings, further increasing market activity. This renewed interest comes as Chainlink’s price consolidates around the $24 range, with analysts identifying $22 as a critical support level.
CoinCodex predicts LINK could surge to $35.56 by January 22, 2025—a 53% increase from current levels. With the Fear & Greed Index at 70 (Greed), LINK has seen 16 green days in the past 30, with volatility recorded at 17.48%.
