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Chainlink (LINK), the decentralized oracle platform, has seen a surge in transaction volume carried out by whales within its ecosystem. Notably, large holder transactions have increased by a significant 32.8% in the last 24 hours, according to available data.
Whales accumulate nearly $27 million in LINK amid market buzz
This translates to approximately $26.69 million in fiat currency. The development indicates the level of whale activity that has taken place as these large holders actively accumulate the asset.
In the last 24 hours, a total of 1.97 million LINK has been transacted in the ecosystem.
Within the last seven days, Chainlink whales have been busy hitting a seven-day high of 8.65 million LINK. The lowest volume transacted over the previous seven days is 1.5 million LINK.
The activity level suggests that these large holders are aware of a possible price rally and are accumulating in anticipation of a breakout. Interestingly, retail traders have joined the trend, with trading volume spiking by a massive 63.89% to $303.06 million, according to CoinMarketCap data.
Meanwhile, LINK is exchanging at $13.20, representing a 1.59% decline in the last 24 hours. The asset had earlier peaked at $13.84, suggesting that upward price movement looks likely sometime soon.
Is Chainlink gearing up for rally?
Market data indicate that for Chainlink to witness a breakout, it must rise above the $14 to $14.60 zone. This range has been a significant resistance point in the past, having suffered repeated rejections over the last 30 days as the price approached the zone.
If LINK clears $14.60, then investors could anticipate a push to $16, which is another crucial resistance level. A breakout above this point could confirm a bullish rebound in Chainlink's digital asset market.
The decentralized oracle platform could rebound to $20 if it turns bullish and the ecosystem sustains the momentum.
Vladislav Sopov
U.Today Editorial Team