Chainlink whales take on an accumulation spree and stack up $36M coins, igniting investor optimism about a LINK price breakout ahead.
Chainlink whales’ recent decision to hoard massive amounts of LINK coins has reverberated substantial optimism surrounding the crypto’s future price movements. On Thursday, April 24, whale data revealed that slightly over $36 million worth of tokens were bagged by large-scale investors in recent days. The upshot? Everyday traders and crypto civilians are now anticipating a price rally in one of the most renowned cryptocurrencies shortly ahead.
Chainlink Whales On Buying Spree Ignite Optimism, Here’s Why
According to the transaction tracker Lookonchain’s X post, numerous fresh whale wallets have embarked upon a Chainlink accumulation spree recently. At least 15 different wallets were recorded to have stacked 2.52 million coins, worth $36.43 million, from Binance.
Notably, these accumulations occurred over the duration of the past week. LINK coin’s price has been up nearly 13% within the same duration, in sync with the heightened buying pressure on the asset.
For context, usual market sentiments remain highly bullish in the wake of rising crypto whale accumulations, as they increase the buying pressure on an asset. Further, the spike in accumulations also signals burgeoning market confidence in a cryptocurrency.
In response, crypto commoners now anticipate whether a bullish breakout lies ahead, as also hinted by the massive Chainlink whale accumulations.