Chainlink’s Uptrend Shines with Accumulation and Withdrawal of Holdings

Over the past fortnight, Chainlink has witnessed a notable surge in accumulation by both entities and individual holders. This accumulation trend has led to a reduction in the altcoin’s circulating supply as large wallet investors opt to withdraw their holdings from exchanges.

The recent data from crypto intelligence tracker Lookonchain reveals a compelling narrative. A total of 83 new wallets, likely associated with institutional investors, have collectively withdrawn a substantial amount of LINK tokens—11,097,687 in total—from Binance, amounting to approximately $216.4 million.

Chainlink’s large wallet holders pull $216 million worth of LINK out of exchanges, fuel gains – by @EktaMourya_https://t.co/LC7EjRA80e

#Chainlink #CryptoCurrencies

— FXStreet Crypto (@FXScrypto) February 18, 2024

This withdrawal activity has effectively removed over 11 million LINK tokens from circulation within the past two weeks, potentially contributing to the positive momentum in LINK’s price. Notably, in the last week alone, the price of LINK surged by nearly 5%, signaling a potential revisit to its 2024 high.

The entity behind these sizable wallet addresses has a history of accumulating LINK tokens, exerting a notable influence on the asset’s price dynamics. For instance, during the second week of February, this entity acquired 5,587,368 LINK tokens valued at $112 million from Binance across 55 addresses. This move coincided with a significant 15% uptick in LINK’s price during the same timeframe.
In light of such whale activity, it becomes evident that the actions of large holders play a pivotal role in shaping Chainlink’s price trajectory alongside other market catalysts.

Key Chainlink Levels To Watch – February 19

Chainlink has broken free from a long-term consolidation that started in November. The contention between the sellers and buyers kept the price in a range. The Moving Averages (periods 30 and 50) merged during this period and rested in between the range. All through the consolidation, the price never dipped below the bullish order block of $11.50 Early this month, the buyers emerged from the consolidation.

A Bullish break of structure above the range was observed. Finally, the daily candles are positioned above the Moving Averages (periods 30 and 50) to show the resumption of the upward trend. Currently, the Stochastic indicator is oversold. A pullback to the bullish trendline on the daily chart is expected to pump the price to the next region of liquidity at $29.00

Chainlink Key Levels

Resistance Levels: $25.00 $29.00, $37.70
Support Levels: $13.90, $12.20, $7.40

LINK Metrics

Total Market Capitalization: $1.98T
Chainlink Market Capitalization: $11.6B
Chainlink Volume: $386M
Market Rank: #12

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