Chainlink whales’ recent decision to hoard massive amounts of LINK coins has reverberated substantial optimism surrounding the crypto’s future price movements. On Thursday, April 24, whale data revealed that slightly over $36 million worth of tokens were bagged by large-scale investors in recent days. The upshot? Everyday traders and crypto civilians are now anticipating a price rally in one of the most renowned cryptocurrencies shortly ahead.
Chainlink Whales On Buying Spree Ignite Optimism, Here’s Why
According to the transaction tracker Lookonchain’s X post, numerous fresh whale wallets have embarked upon a Chainlink accumulation spree recently. At least 15 different wallets were recorded to have stacked 2.52 million coins, worth $36.43 million, from Binance.
Notably, these accumulations occurred over the duration of the past week. LINK coin’s price has been up nearly 13% within the same duration, in sync with the heightened buying pressure on the asset.
For context, usual market sentiments remain highly bullish in the wake of rising crypto whale accumulations, as they increase the buying pressure on an asset. Further, the spike in accumulations also signals burgeoning market confidence in a cryptocurrency.
In response, crypto commoners now anticipate whether a bullish breakout lies ahead, as also hinted by the massive Chainlink whale accumulations.
LINK Price Prediction: Here’s What Analyst Has To Say
Despite the massive accumulations recorded, LINK price has tanked over 4% intraday, closing in at $14.20. The crypto fell from a high of $15.23 in the past 24 hours. This volatile price action, despite the massive buying, has sparked some cautiousness among market watchers.
It’s worth pointing out that the current turbulent price action potentially aligns with today’s broader crypto market trend. Bitcoin’s price also faced some volatility, losing 2% in the past 24 hours, banking at $91k. Major-league altcoins have also mainly mimicked this uncertain action.
However, a renowned crypto market analyst has retained a bullish stance on LINK, irrespective of broader trends. Market expert Michaël van de Poppe recently took to X, hinting that utility & DeFi coins are going to be the leaders in the upcoming cycle.
Particularly hinting towards Chainlink, the analyst stated that “This run will likely be higher than the previous one,” sparking optimism alongside the whale accumulations.
Michaël reiterates that the crypto team has been working extensively to get major partnerships in the U.S. In turn, he believes that the token’s ecosystem has expanded massively. “Matter of time until the token reflects the growth,” he concluded.
Another Chainlink price prediction by CoinGape revealed that bulls currently remain dominant over the crypto, per the 3-month bias indicator. This signals that the coin could even hit $16 by April end.
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