The remarkable rise of Chainlink (LINK) in the yearly chart has been nothing short of extraordinary, skyrocketing from $4.9 to $20.8.
In a significant milestone, LINK has hit a 22-month high with an impressive 11% surge, breaking the $20 mark for the first time in years.
This surge in price has been accompanied by increased activity in the Chainlink network, with a rise in active addresses and the creation of new addresses. However, despite the bullish trend across the crypto market, LINK saw a slight decline of 1.6% in the past 24 hours.
$LINK hits a 22-month high as it surges by 11% breaking the $20 mark for the first time in years!
Also, there’s an increase in active addresses and creation of new addresses with noteworthy whale activity as a specific player goes on a buying spree.
📈https://t.co/71uoZqSKH5 pic.twitter.com/vW7XBaAucI
— champagne mami 💕 (@EkponoAkwaowo) February 12, 2024
On-chain data suggests that some whales may be capitalizing on the price surge by taking profits. Lookonchain reported a notable instance where a whale deposited 244,958 LINK ($4.96 million) to Binance, potentially indicating a sell-off for profit.
Further Notable Whale Movements Around Chainlink LINK
Further analysis reveals that this particular whale withdrew 495,057 LINK ($7.5 million) from Binance on multiple occasions, including Jan 28, Feb 2, and Feb 7, at an average price of $15.12 per LINK.
A whale deposited 244,958 $LINK($4.96M) to #Binance 2 hrs ago, possibly selling for profit.
The whale withdrew 495,057 $LINK($7.5M) from #Binance on Jan 28, Feb 2, and Feb 7 at an average price of $15.12.
He currently holds 250K $LINK($5M), with a total profit of ~$2.5M. pic.twitter.com/zjS20BxORP
— Lookonchain (@lookonchain) February 12, 2024
Currently, the whale holds 250,000 LINK ($5 million), resulting in a total profit of approximately $2.5 million from these transactions.
The increased whale activity raises eyebrows within the crypto community, prompting speculation about the potential impact on LINK’s price trajectory in the near future.
As Chainlink continues to experience upward momentum, investors remain vigilant, monitoring whale activity and its potential implications for the market.
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
Follow us on Twitter @themerklehash to stay updated with the latest Crypto, NFT, AI, Cybersecurity, and Metaverse news!
Image Source: skorzewiak/123RF // Image Effects by Colorcinch
