Chainlink Whale Nets $1.08M Profit, Sparks Bullish Crypto Buzz
- Chainlink Whale profited $1.08M after depositing 200,355 LINK worth $3.27M
- LINK price rose 25% last month; market cap $10.16B; FDV aligns at $15.46B.
- The breakout above $16 can take the price to $17.5$20 and then the $25$27 resistance area.
A previously dormant whale has joined the market fray again after transferring 200,355 Chainlink (LINK), worth $3.27 million, to Binance in the last two days. This is the whales first significant movement in nine months.
According to Onchain Lens, the whale originally accumulated 345,786 LINK tokens for approximately $4.56 million. With the recent transaction, the investor secured a profit of $1.08 million. Despite the large deposit, the wallet still holds 145,430 LINK worth around $2.37 million at current prices indicating possible continued interest in LINKs price trajectory.
LINK Maintains Its Long-Term Upward Trend
Over the past month, LINK has gained an impressive 25%, continuing its upward momentum on all timeframes. Currently, Chainlink has experienced a 4.79% drop, reaching its price at $15.46 and elevating its market capitalization to $10.16 billion.
The trading volume has jumped to $408.22 milliona 30.90% dropregistering an auspicious 4.01% volume to market cap ratio indicative of heightened investor interest. The fully diluted valuation of the token (FDV) is at $15.46 billion, equal to its market price and bolstering investor confidence in the long run.
Chainlinks rally has catalyzed two factors. First, its partnership with the TRON blockchain, announced today, integrates Chainlinks decentralized oracles into TRONs network. This upgrade enhances smart contract capabilities on TRON and has sparked positive sentiment among crypto users, contributing to LINKs price rally.
Secondly, the whales profitable deposit underscored Chainlinks value potential. This strategic move triggered a 15.40% spike in daily trading volume. The deposit led to increased purchasing activity, showing that traders interpreted the move as a bullish signal, further pushing demand upward and sustaining buying pressure.
Analyst Forecasts Chainlink Price Rally Following Key Breakout
LINK has recently broken out of an extended downtrend and is showing renewed upward momentum, according to market analyst AliferCrypto. The token is now testing the significant support/resistance (S/R) level of $16.00, an area where it might dictate future price movement.
If LINK manages to reclaim and hold above the $16.0 mark, the technical analyst predicts strong movement toward the $17.5 to $20.0 region. That area is noteworthy because it has seen repeat touches of both support and resistance combined with extremely high trading volume and is thus also the target of much trader action.
Beyond this, if LINK manages to hold on to upward momentum and retake these levels, the outlook is all the more positive. Chainlink may then target the $25.0 to $27.0 supply zone, an important area where heavy sell pressure prevails.
Read More: TRON DAO adopts Chainlink Data Feeds, securing over $5.5B DeFi TVL and boosting security
Read more: https://www.tronweekly.com/chainlink-whale-nets-1-08-profit-sparks-bullish/
Text source: TronWeekly
