YEREVAN (CoinChapter.com) — Chainlink’s cryptocurrency LINK is surging, with its price rallying over 25% in the past seven days. This makes LINK one of the best-performing assets among top cryptos by market cap. LINK’s surge comes amid reports that a major crypto whale is accumulating LINK tokens by withdrawing its holdings from crypto exchanges (CEX) like Binance.
Chainlink Price rally to continue?
At the time of writing, LINK’s price is $18.72, following an impressive 40% rally over the past month. Conversely, crypto market leader Bitcoin continues to trade below the $43,000 level.
Over the past 24 hours, LINK’s trade volume amounts to nearly $900 million, but the token’s rally is expected to be far from over.
According to crypto analyst Ali Martinez, Chainlink faces tough resistance around the $20 price point. On Feb. 5, LINK price reached $19.6 but retreated shortly after that. Martinez believes that if Chainlink can breach the current threshold of resistance at that price point, it can add another 38% increase to its recent rally to reach the next target of $26.87.
Sitting right below Dogecoin (DOGE), LINK is currently the 11th largest cryptocurrency, with a total market cap of over $11 billion.
Large Whale accumulates LINK
Blockchain data shared by Spot On Chain indicates that a large whale, or an institutional investor, is actively accumulating Chainlink (LINK). In a recent post on X, the data platform shared details from the recent withdrawals to 8 fresh wallets.
Additionally, data firm Lookonchain made parallel observations on the increased activity around Chainlink, supporting the theory.
“A mysterious whale/institution is accumulating LINK! We noticed that a total of 47 fresh wallets withdrew 2,237,504 LINK ($42.38M) from Binance in the past 2 days,”
the platform posted.
Historically, major whales and institutional investors start accumulating crypto when they expect the asset price to increase. Similarly, removing tokens from exchanges indicates that the holder does not intend to sell in the short term. Accordingly, LINK’s rally will likely continue with increased buyer confidence and significant interest from large players in the crypto space.
