Chainlink Token (LINK) Surges Amidst Crypto Market Uptick
The native token of oracle service provider Chainlink, LINK, has experienced a significant surge as the overall crypto market sees an uptick. Currently trading at $6.80 with a trading volume of $198 million, LINK has increased by 9.02% in the last 24 hours, representing a remarkable 179% increase.
Massive Movement of Tokens from Chainlink Wallets to Exchanges
One factor that may impact LINK’s price growth in the near future is the movement of tokens from the network’s wallets to exchanges. On September 16, four wallets associated with Chainlink transferred 18.75 million LINK tokens across various platforms, totaling $119 million. Notably, approximately $100 million worth of tokens were sent to Binance.
LINK Breaks Resistance Level and Shows Positive Indicators
LINK is currently in an uptrend and has broken above the $6.3 resistance level, forming a bullish engulfing pattern. Although it remains below its 200-day Simple Moving Average (SMA), today’s green candle has surpassed the 50-day SMA, indicating increased buyer pressure. The Relative Strength Index (RSI) has risen to 58.00, approaching the overbought region.
Potential Price Gains for LINK with Increased Token Accumulation
With the recent breakthrough of the $6.3 resistance level, it is likely that buyers will sustain the rally in the coming days. Additionally, the Moving Average Convergence/Divergence displays a strong buy signal. However, it is important to note that the unlock and transfer of 21 million LINK tokens on September 16 could lead to a temporary retracement if buyers relent.
Whales Increase Holdings After Successful Partnership
Since Chainlink’s partnership with Swift and other companies, LINK has experienced positive market movements. The successful transfer of tokenized value across various blockchains in an experiment with Swift has boosted investor confidence. Notably, top-tier LINK holders have actively increased their holdings, with the number of wallets in this category reaching its highest level since December 2022.
Furthermore, these whales have accumulated over 4 million LINK coins, worth $24 million, within just 10 days. These actions indicate a heightened interest in Chainlink and are likely to drive demand and increase the token’s price in the near future.
Hot Take: Chainlink Token (LINK) Gains Momentum Amidst Market Uptick
The surge in Chainlink’s native token LINK comes as the overall crypto market experiences a notable uptick. With significant on-chain activities and increased token accumulation by investors, LINK has broken above a resistance level and shows positive indicators for further price gains. However, the recent movement of tokens from Chainlink wallets to exchanges may temporarily impact the token’s long-term performance. Additionally, Chainlink’s successful partnership with Swift has attracted more investors and led to increased holdings by top-tier LINK holders. This heightened interest is expected to drive demand and push up the token’s value in the coming days.
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