The Chainlink (LINK) token has seen increased activity from whales recently, as whales purchased 1.567 million LINK tokens worth up to $19.8 million, mostly from the Binance platform. Among them, one whale bought 360,551 LINK tokens worth $4.53 million on December 22, bringing its balance to 806,327 tokens worth $10.17 million. Additionally, 11 new wallets purchased the mentioned amount over three days.
This accumulation comes amid LINK trading in a tight consolidation range after recovering from a drop to $11. The price of LINK was recorded at $12.65, with a slight daily decrease of 0.22%, as moving averages converge indicating reduced volatility and a potential buying opportunity.
Market data showed negative net flows for platforms for three consecutive days, amounting to -384.9 thousand tokens, indicating an increase in withdrawals and reduced selling pressure, which often precedes price increases. Additionally, large orders from whales have risen for seven consecutive days, reflecting calm confidence in a potential rise.
Technically, LINK has surpassed the short-term moving average MA9 at $12.6, indicating strong short-term bullish momentum. However, the Stochastic OTT indicator remains below its signal, reflecting subdued market conditions and limited range.
If the buying momentum continues and holds support at $12.6, LINK may rebound towards resistance at $14.5, supported by whale accumulation that absorbed selling pressure. However, if support fails, it could drop to $11.8. Overall, the activity indicates increasing buying strength that may push for a bullish breakout.
@Binance Square Official $LINK
