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According to on-chain analytics platform lookonchain, whales are currently accumulating LINK. It notes that 30 new addresses (maybe belonging to the same whale, although this is not certain) bought a total of 2,645,590 LINK worth $18.52 million from Binance in the past two weeks.
Whales are accumulating $LINK recently.
— Lookonchain (@lookonchain) March 20, 2023
- 30 new addresses (maybe the same whale) accumulated a total of 2,645,590 $LINK ($18.52M) from #Binance in the past 2 weeks.
- Whale "0xD51b" bought 367,814 $LINK with 2,422,717 $USDT at a price of $6.59 on Mar 15. pic.twitter.com/PU3jbj6WxY
It highlights a particular whale address, "0xD51b," as having bought 367,814 LINK worth $2,422,717 at $6.59 on March 15.
Here's what it signals
Chainlink has been on a steady rise since March 10, when the price found a base at the $5.90 support.
From there, Chainlink has gone on to mark eight green days out of eleven, having surpassed key barriers at MA 50 and 200 ($7.06 and $6.93, respectively).
The recent whale accumulation in the last two weeks seems to have positively impacted the LINK price.
The recent rise is also bolstered by a positive crossing of these moving averages. Chainlink might be propelled to target the $8.2 and $8.4 levels if its current rise is sustained. The daily RSI is tilting upward above the neutral level of 50, suggesting an advantage to the bulls.
At the time of writing, LINK was up 3.53% in the last 24 hours to $7.36. The token is also up 12.71% in the past seven days. Chainlink sits in the 20th spot in the crypto rankings by market capitalization with a valuation of $3.8 billion.
In related ecosystem news, the Chainlink testnet LINK faucet is now available on Base Goerli. Earlier in March, Chainlink's price feeds went live on Coinbase's Ethereum Layer 2 chain, Base testnet.
"Base" also joined Chainlink's Scale program, which covers "certain operating costs of Chainlink services."
Vladislav Sopov
Dan Burgin