Chainlink (LINK) News: After months of flirting with the local support area, Chainlink (LINK) finally appears well placed to break it with the entry of whales. This comes amid encouraging rallies for several altcoins as Bitcoin (BTC) price is at an eight month high range currently. Not just this, another minor rally for Bitcoin from the current level could spur more growth for not only altcoins but also the crypto market. In this context, traders with deep pockets are seemingly waiting to make the most out of their accumulations as and when the next rally comes.
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CoinGape recently reported that $LINK had local resistance levels at $8.311 and $9.40. While the latest entry of Chainlink whales helped breach the first resistance level, the next support continues to tease traders.
Big Chainlink Whales At Play Before Price Rise
Whenever whale assets come alive after several months, it is always the bigger picture that is triggered for cryptocurrencies. Hence, a breach of support at $9.40 could potentially be within reach, going by the quantum of $LINK coins moved. According to Santiment data, the whales made a big $LINK move, which was the largest in many as eight months. Interestingly, the $13.01 million LINK tokens were transferred just few hours before the price reached the local support level.
“$106 million in $LINK moved to a new whale address, the largest move since June. This transfer was 4 hours before the price topped out at $8.34, the highest since the FTX collapse.”
As of writing, LINK price stands at $8.03, almost unchanged from last 24 hours, according to CoinGape price tracker.
The post Breaking: Chainlink (LINK) Whales Awake After 8 Months, Rally Ahead? appeared first on CoinGape.