Chainlink Whale Activity Suggests a Possible Bullish Trend for LINK

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Chainlink (LINK) has seen a sharp increase in whale activity, with large transaction volumes rising by 293%. This translates to $82 million moved over the last day, signalling strong interest from institutional investors. Increased whale activity often points to future price movements, making it a key market indicator.

Chainlink sees a 296% jump in large transactions as active addresses rise 14.7%! Whales are on the move, indicating a notable development. (NewsBTC) #Chainlink #CryptoNews pic.twitter.com/XVKvVD1mU7
— Crypto Professor X (@CryptProfessorX) September 25, 2024

This surge followed Chainlink’s recent unlocking of $207 million worth of LINK, with over 18 million tokens transferred to Binance. Such large transfers hint at potential market positioning by big investors. As more LINK becomes accessible and trading volume grows, it may lead to increased buying pressure. These developments are contributing to growing optimism for a potential price rise in the near future.

Key Chainlink Levels To Watch – September 25

The LINKUSD pair has broken out of a descending trendline, confirming bullish momentum. It is trading above the diagonal resistance, with the next resistance level at $12.700.

MACD (Moving Average Convergence Divergence) shows a bullish crossover, further strengthening the upward trend. A potential pullback may occur, but the overall trend points toward higher price levels.