Whale Moves Boost Bullish Sentiment for Chainlink (LINK)

This surge appears to be attributed to significant acquisitions by major investors, often referred to as crypto whales. One prominent whale reportedly transferred $9.6 million worth of LINK from Binance to AAVE, subsequently borrowing $4 million before reallocating funds back to Binance, indicative of potential additional LINK purchases. Another whale executed a transfer of $7.16 million from Coinbase to a private wallet, and a separate transaction of $2 million in LINK was made to the OKX exchange.

🔗📈 Chainlink has enjoyed a late-week rally, and now needs to climb just +10.8% to match its 3-year high from January, 2022. It is encouraging that there is very little retail FOMO toward LINK. Markets move the opposite direction of the crowd’s expectations, so the crowd’s… pic.twitter.com/UuKdmMMXWA

— Santiment (@santimentfeed) December 6, 2024

🔗📈 Chainlink has enjoyed a late-week rally, and now needs to climb just +10.8% to match its 3-year high from January, 2022. It is encouraging that there is very little retail FOMO toward LINK. Markets move the opposite direction of the crowd’s expectations, so the crowd’s… pic.twitter.com/UuKdmMMXWA

— Santiment (@santimentfeed) December 6, 2024

These whale moves suggest rising demand, as large holders typically drive market trends. Data from Nansen shows that LINK’s supply on exchanges has declined to 253.4 million tokens, indicating reduced selling pressure. Crypto analytics firm Santiment highlighted that the price increase happened without much FOMO, a sign of steady, organic growth. As whale activity grows and exchange supply decreases, LINK’s bullish outlook is expected to persist.

Key Chainlink Levels To Watch – December 9

LINKUSD remains in a strong bullish trend, trading above the SMA-9 and maintaining higher highs. The price has retested the $25.000 level as support, suggesting a continuation toward $30.060.

A consolidation phase near $25.000 could allow for accumulation before breaking toward $30.060. The MACD (Moving Average Convergence Divergence) supports bullish momentum, with no signs of immediate reversal.

Chainlink Key Levels

Resistance Levels: $21.000, $25.000, $30.060 
Support Levels: $19.070, $16.260, $12.700

LINK Metrics

Total Market Capitalization: $3.63T
Chainlink Market Capitalization: $15.95B
Chainlink Volume: $2.37B
Market Rank: #14

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