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Chainlink (LINK) shows resilience amidst massive token transfers as trading volume surges. In a recent development, Whale Alert, a leading blockchain transaction monitoring platform, has reported a substantial movement of LINK tokens. A staggering 3.7 million LINK tokens, valued at over $53 million, were transferred between undisclosed wallets, sparking speculation within the crypto community.
Over $53 million worth of $LINK tokens have been transferred in a recent transaction, sparking speculation in the community #Chainlink #LINK https://t.co/n7KcR9213n
— U.Today (@Utoday_en) May 7, 2024
Analysts are assessing the implications for the LINK ecosystem, especially amid concerns of a potential sell-off that could impact prices. Despite these uncertainties, LINK has demonstrated resilience, with minimal immediate market impact. Notably, Chainlink’s trading activity has experienced a notable surge, with a 27.62% increase in the 24-hour trading volume, reaching $319,020,709, indicating growing interest in the token.
Key Chainlink Levels To Watch – May 7
The market has been declining alongside a diagonal resistance since mid-March 2024. The price crashed following the formation of a head-and-shoulders pattern at the premium zone.
Owing to the buying pressure in the FVG (Fair Value Gap) at the discount zone, the market’s environment is about to change. An invalidation of the $16.040 high will lead to a structure shift to the upside.
Chainlink Key Levels
Resistance Levels: $16.260, $20.740, $22.880
Support Levels: $12.540, $9.700, $7.110
LINK Metrics
Total Market Capitalization: $2.34T
Chainlink Market Capitalization: $8.50B
Chainlink Volume: $293M
Market Rank: #16
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