Whales Accumulate LINK: On-Chain Data Confirms Strong Buying Pressure
On-chain data shows significant accumulation of Chainlink (LINK) by whales, pushing exchange supply to record lows and signaling strong buying pressure.Summary
Chainlink (LINK) is entering what analysts deem an "ideal accumulation zone," supported by aligning technical indicators, market sentiment, and strong on-chain data suggesting a potential breakout. Whales are heavily accumulating LINK, withdrawing massive amounts from centralized exchanges; for instance, one new wallet withdrew over 771,000 LINK, and a cluster of 39 wallets withdrew nearly 10 million LINK from Binance. This activity coincides with the Chainlink Foundation's recent buyback and has driven the LINK Percent Balance on Exchanges to its lowest level since December 2022, indicating reduced selling pressure. Analysts project short-term targets of $23.61 and a mid-term target of $46 if LINK breaks sustained resistance above $20.19. This accumulation reflects growing confidence, bolstered by partnerships like the one with S&P Global, though the next challenge for Chainlink is increasing token demand through institutional incentives.
(Source：BeInCrypto)