After facing a pullback to $18 earlier this week, oracle service provider Chainlink (LINK) has once again jumped by 10% shooting past the $20 level. As of press time, the Chainlink (LINK) price is trading at $20.16 standing at a crucial breakout junction. Analysts have been already predicting a further rally to $25.
Chainlink Whale Makes Huge Accumulation
In recent days, there has been a notable surge in interest from Chainlink whales, particularly spurred by intensified activity from a specific whale wallet.
Data from Lookonchain indicates that this particular whale wallet has been steadily accumulating LINK over the past three days. As of now, the whale wallet has acquired a total of 4,556,684 tokens, valued at approximately $83.6 million based on the current LINK price.
The continuous accumulation by this whale wallet is viewed as a positive indicator, hinting at expectations for a potential future rise in the LINK price.
A critical metric analysis revealed a significant rise in the total number of Chainlink holders. According to Santiment data, there has been a noticeable increase in the count of LINK holders over the recent months.
Between January and the present date, the number of holders has surged by approximately 9,000, reaching a total of 717,000 holders as per the latest data available. Additional examination of the exchange supply reveals a recent pattern where investors are withdrawing their LINK holdings from exchanges.
As of the latest data available, the supply on exchanges has also decreased to around 21.5% of the total LINK supply. This trend also suggests that, as accumulation persists, a considerable portion of LINK holdings is moving away from exchanges.
The withdrawal from exchanges signifies an expectation of a possible future price surge, which could drive the LINK price upward from its current position.
LINK Price Action
Despite many tokens experiencing a downtrend, Chainlink (LINK) has been a standout performer, showcasing substantial price momentum over the last 30 days. With a remarkable 35.37% surge last month coupled with an additional 15% gain in the past week, the dominance of bullish momentum is evident from the green lines on the Chainlink charts.
Following its ascent past the $18.57 resistance level, the next significant hurdle lies at the $20.58 resistance trendline. A successful breakthrough of this zone could potentially propel the Chainlink price towards the $25 mark in the forthcoming months.