Chainlink ($LINK) is back in the whale wallets. Institutional buyers and whales are now accumulating millions of dollars’ worth of Chainlink ($LINK) tokens.
According to on-chain data, the whale address “0x4eb” has pulled out 721,294 LINK tokens, worth $17.44 million, from Binance in the last two days.
Another whale, “0xa36,” withdrew 169,615 LINK, or $4.16 million worth of tokens. In the previous 30 days, this whale has amassed 275,002 LINK, worth $6.65 million.
The amount of these whale withdrawals suggests that these whales and institutions are prepared for long-term profits.
Price Action Indicates Strength
Chainlink is at $24.61, up 9% in 24 hours. The daily Relative Strength Index (RSI) is 68, up from 60 at the start of the week, indicating strong buying.
These moves will also put upward pressure on prices as long as the demand keeps increasing by reducing the supply available on the trading platforms.
Implications for Chainlink’s Market Outlook
As the demand to connect the blockchain with the real-world applications grows, along with the emergence of more DeFi projects and the integration of real-life assets onto the blockchain, the demand for Chainlink will continue to increase.
In the past, there was an appetite for a similar accumulation of whales, resulting in a massive price surge.
Traders should keep an eye out for short-term dips when the RSI reaches overbought territory. Nonetheless, Chainlink’s prospects are brighter than ever, due to persistent whale activity, rising price momentum, and novel use cases.
If buying continues and the price goes over $25, experts estimate the goal to return to the mid-channel resistance level of about $27, resulting in further gains.
