The Chainlink (LINK) market is drawing interest due to increased whale accumulation, according to a revelation today disclosed by market analyst CryptoQuant. As reported by the analyst, whale activity around Chainlink has intensified, with over 8,000 LINK tokens withdrawn by large investors over the past two days, indicating massive enthusiasm in the asset’s long-term growth.
This buying pressure showcases a conviction that LINK is preparing significant price surges ahead, advancing a projection that the digital asset could be readying to climb towards its $18.50 crucial resistance level in the coming days.
Today, Chainlink trades at $9.08 after recording a 4.5% noticed over the past 24 hours. Despite that, its price has been down 2.6% and 4.4% over the past week and month, respectively, indicating an overall market cooldown.
Chainlink Whale Withdrawals Concentrate On Binance
Whales are actively withdrawing large amounts of Chainlink tokens from Binance, with an average volume ranging around 4,000 tokens per day, as per the data shared by the analyst. Today, CryptoQuant analysts revealed that over the past 48 hours, whales withdrew more than 8,000 LINK tokens from Binance, making it among the 10 largest transactions of the two days. Currently, Binance is leading the crypto industry in Chainlink withdrawals, attracting unique attention from traders and analysts, the analyst revealed.
Withdrawals of LINK from whales on Binance often indicate crucial reversals for Chainlink prices. LINK prices have bottomed from $11.5 seen on February 2 to a low of $8.47 noticed on March 2. Currently, Chainlink has been holding its price above the $8.37 support level to prevent further market declines. Amid these significant price falls, big investors, commonly recognized as whales, have heightened their activity, with several taking advantage of market dips.
LINK Forms A Classic Bull Flag Pattern
Apart from the rising whale enthusiasm, technical indicators show more optimism for Chainlink’s bullish outlook. Technical analysis indicates that LINK is currently forming a traditional bull flag structure, which often brings a huge price uptrend.
This bullish technical formation, together with increased whale buying activity and a significant increase in trading volume by 74.48% over the past 24 hours, according to CoinMarketCap data, hints at Chainlink’s next green move. These signals suggest an upcoming market rally and a breakout beyond the $18.5 level, which is a 204% from the current price.
