Benzinga - by Khyathi Dalal, Benzinga Staff Writer.
Whales are interested in Chainlink (CRYPTO: LINK), prompting analysts to turn bullish on the token — though some see it in a re-accumulation range.
What Happened: Based on LookOnChain data cited by crypto analyst Ali Martinez, Chainlink whales have gathered around 7 million LINK worth $105 million just over the past week. This highlights the rising confidence of major LINK players.
Data indicated that an unknown wallet address withdrew 136,146 LINK (worth $2.05 million) from Binance, taking its past 10-day withdrawal to 348,006 LINK (worth $5.79 million) from Binance.
The value indicates a floating profit of $229,000.
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Why It Matters: Rekt Capital, a cryptocurrency technical analyst, published a chart with technical analysis on X, asking: “What if Chainlink has been a Re-Accumulation range at highs all this time?”
$LINKFor the unfamiliar, re-accumulation is a range-bound condition that forms after an uptrend. It is a pause or preparation phase for a fresh new leg of a larger uptrend.What if Chainlink has been a Re-Accumulation range at highs all this time?#LINK #Crypto #Chainlink pic.twitter.com/9iRb4oxhU1
— Rekt Capital (@rektcapital) December 27, 2023
Futures Trader, Satoshi Flipper took to his X handle and said that “$LINK is on fire baby let's gooo $20.”
Later Flipper added that “Technically the market wasn't wrong and $LINK did hit the top of the channel, almost $18 as presented on 12/21. Bottom of the channel is $14 ... a blessing for swing traders if we get it.”
Bottom of the channel is $14 ... a blessing for swing traders if we get it