Whales Accumulating Chainlink (LINK) and Polygon (MATIC) from Binance
According to Lookonchain data, whales are actively accumulating Chainlink (LINK) and Polygon (MATIC) and moving them from Binance, one of the world’s largest cryptocurrency exchanges. The accumulation is seen through on-chain transfers, with a specific wallet labeled “0x8eAD” withdrawing 247,860 LINK worth approximately $3.5 million from Binance in the past two days. Additionally, two new wallets labeled “0xa813” and “0x38b3” have been actively accumulating MATIC, withdrawing 5 million MATIC worth around $3.13 million from Binance.
Bullish Sign for MATIC and LINK Prices
The active accumulation of MATIC and LINK by whales is considered a bullish sign for the prices of these cryptocurrencies. When whales move coins from exchanges to non-custodial wallets like hardware wallets or hot wallets, it indicates their intention to engage in decentralized finance (DeFi), degen trading, or NFT trading. This shift allows them to use their holdings to earn rewards through activities such as providing liquidity or staking. As a result, it is expected that the prices of LINK and MATIC will recover and increase in the coming trading sessions.
LINK’s Current Price Trend
In terms of LINK’s price trend, it remains stable and within an uptrend according to candlestick formations in the daily chart. The coin is trading above the 20-day moving average, indicating that it has found support. Since September lows, LINK has seen a 155% increase but is down 15% from its November peaks.
Polygon CDK Supporting MATIC Prices
As other blockchains transition to become Ethereum layer-2 solutions, Polygon CDK is playing a crucial role in expediting the process. This directly supports the prices of MATIC as it gains importance in the ecosystem.
Hot Take: Whales Accumulating Chainlink (LINK) and Polygon (MATIC) Could Drive Price Rally
The recent accumulation of Chainlink (LINK) and Polygon (MATIC) by whales and their movement from Binance suggests a positive outlook for these cryptocurrencies. With whales shifting their holdings to non-custodial wallets, it indicates their interest in participating in decentralized finance and other activities that offer rewards. This could potentially drive up the prices of LINK and MATIC in the near future. Additionally, the stability of LINK’s price trend and the growing importance of Polygon CDK for MATIC further support the potential for a price rally. Keep an eye on these cryptocurrencies as they could present profitable opportunities for investors.
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