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After a continuous price drop across the cryptocurrency market, traders and investors are either avoiding or showing lower interest in digital assets. Amid this situation, an on-chain analytic firm Lookonchain made a post on X, that 54 newly created wallets withdrew a significant 2.08 million of <a href="https://news.todayq.com/investment-firm-sell-off-2-3-mln-link-token-amid-20-price-surge/" rel="noopener noreferrer nofollow">ChainLink</a> (LINK) tokens worth $30.28 million from Binance. LINK whales accumulate $30.28M of tokens&nbsp; 
Lookonchain in its post also mentioned that this massive accumulation of LINK tokens took 7 days. They added that these accumulations of LINK appear to be carried out by whales and large institutions. This trend indicates a notable interest from large investors in acquiring LINK, possibly signaling confidence or strategic positioning within the market.&nbsp;
It seems that whales/institutions are accumulating
Following this massive accumulation, currently LINK is moving near $14.6, and in the last 24 hours, it experienced only a 1.4% upside move according to the data from coinmarketcap. Meanwhile, the trading volume has increased by 14% over the same period, signaling investors’ and traders’ participation despite the bearish market sentiment.&nbsp;
Whereas, if we see LINK tokens performance over a longer period during this tokens accumulation, in the last 7 days it is up by 6%. On the other hand, in the last 30 days LINK token lost over 20% of its gain. ChainLink (LINK) technical analysis and key levels&nbsp; 
According to expert technical analysis, LINK on a daily time frame looks bullish following the recent $30 million LINK accumulation near a strong resistance level of $14.8. In a 4-hour time frame, if LINK gives a candle closing above the $14.85 level then there is a high possibility we may see a price surge of 12% till the $16.5 level.&nbsp;
However, on a daily time frame, LINK is still moving below 50 and 200 EMA (Exponential Moving Average) near $15.3, which may pose a hurdle for LINK in the coming days.
Besides technical analysis, in the last 24 hours, the open interest (OI) of LINK has surged by 3% meaning investors’ and traders’ interest and confidence, according to data from another on-chain analytic firm CoinGlass.
Apart from LINK, the overall cryptocurrency market is turning green, and top assets including Bitcoin (BTC) and Ethereum (ETH) become neutral. Whereas, tokens like Solana (SOL), Toncoin (TON), and Cardano (ADA) have experienced an upside momentum of 2%, 5.5%, and 4.3% respectively in the last 24 hours.

LINK could surge 12% as ChainLink whales add $30M worth of tokens

Todayq News

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