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<p>According to on-chain insights provided by Lookonchain, large whales and institutions are actively <a href="https://twitter.com/lookonchain/status/1755067196072706218?s=20" target="_blank" rel="noreferrer noopener nofollow">accumulating</a> Chainlink’s LINK token. One incident shows an unknown whale recently withdrawing 2,745,815 LINK worth $49.9 million from Binance via 49 newly created wallets.</p> 
<p>Lookonchain also identified the “0x2A19” wallet, pulling nearly $9 million worth of LINK from Binance over the past 10 days. The timing and nature of these large transactions signal concentrated buying by entities with substantial financial resources.</p> 
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<p>However, not all analysts remain entirely bullish on LINK in the near term. CryptoBusy <a href="https://twitter.com/CryptoBusy/status/1755106094047965540" target="_blank" rel="noreferrer noopener nofollow">points out</a> that after pumping nearly 9 days straight, LINK shows signs of exhaustion as it approaches multi-year resistance levels and the golden ratio extension around $8.</p> 
<p>The YouTuber suggests seasoned traders should watch for a rejection play off this major confluence point where the risk/reward favors loading up puts or short positions. Selling pressure stands to emerge given LINK’s technically overextended rally.</p>  
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<p>On the other side, crypto trader Elite Crypto claims he <a href="https://twitter.com/TheEliteCrypto/status/1755144713173344349" target="_blank" rel="noreferrer noopener nofollow">identified</a> LINK as undervalued, allowing his followers to capture a nearly 4x return from around $5. Despite the impending resistance, he expects another 4-5x price multiplication from LINK over the course of the current bull market.</p> 
<p>In summary, while institutional and whale-buying activity continues in LINK, providing a long-term bullish backdrop, short-term risks remain elevated around all-time high resistance after such a parabolic advance.&nbsp;</p> 
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<p>The post <a href="https://captainaltcoin.com/big-whales-continue-to-accumulate-chainlink-analyst-says-link-rejection-is-in-play/">Big Whales Continue to Accumulate Chainlink, Analyst Says LINK Rejection Is In Play</a> appeared first on <a href="https://captainaltcoin.com">CaptainAltcoin</a>.</p>

Big Whales Continue to Accumulate Chainlink, Analyst Says LINK Rejection Is In Play

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Andre artikler udgivet 7. feb. 2024

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