Chainlink (LINK) has recently surpassed the critical resistance level at $6, experiencing an unexpected price surge. This can be attributed to the accumulation of LINK tokens by large wallet investors, likewise known as sharks. The growing trend between these influential players may hold the key to Chainlink’s positive trend resurgence.
On-chain data quoted in a report outlines that shark investors have acquired an astonishing $9.6 Million worth of LINK tokens within just 3 days. This surge in demand from these heavyweights is expected to act as a whole lot of catalyst for further upward movement in LINK’s price.
Recent data likewise shows that 98 new shark wallets have resurfaced within the Chainlink ecological system, signaling a 3.2% increase since the beginning of the week. A total of 3,127 shark wallets as of now hold between 10,000 and 100,000 LINK tokens. This growing appetite between larger investors further fuels the cryptocurrency’s recent rally.
Regardless of a slight decline of 0.7% in the past 24 hours, LINK has seen a notable 6.4% rally over the last 7 days, defying the broader bearish sentiment in the altcoin market.
The accumulation of Chainlink tokens by shark investors has historically served as a powerful indicator for predicting LINK’s price movements. Previous instances have shown that increased holdings by influential players often precede a substantial uptick in the token’s value. Consequently, monitoring the ongoing accumulation by sharks is essential to gauge the future trajectory of Chainlink’s price.
Prominent cryptocurrency trader Michaël van de Poppe implies that Chainlink could be on the verge of a breakout against Bitcoin. Although while Chainlink has revisited the lower end of its trading range, it might signal an upward trend if it establishes a higher low price against Bitcoin (BTC) on the weekly timeframe.
Chainlink’s resilience and ascent over the $6 resistance level, regardless of a bearish altcoin market, can be attributed to the strategic accumulation of LINK tokens by large wallet investors. With the emergence of new shark wallets and indications of a probable breakout against Bitcoin, the cryptocurrency’s future prospects appear promising.
The accumulation of LINK tokens by shark investors and the capacity breakout against Bitcoin (BTC) indicate a positive outlook for Chainlink’s price. It remains to be seen if the digital currency can sustain its upward momentum in the face of ongoing market challenges.
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