Huge whale accumulation continues, with a whale purchasing 1,293,757 LINK worth $31.15 million over the past 4 days.
Chainlink whale accumulations have sparked an impressive rally in LINK price, unfazed by the recent crypto market crash. Moreover, positive on-chain data triggered a 15% surge in price over the week and a 30% rally in a month to surpass $26 for the first time in seven months.
The bullish price action becomes a backbone for the altcoin market, while Ethereum failed to break its all-time high amid technical weakness.
LINK price surpassed the key $26 level for the first time in the seven-month period, on-chain platform Santiment reported on August 19. Chainlink remained a key force to drive the altcoin market upside.
Chainlink’s on-chain activity achieved two milestones as it supported the major price rally this month. Notably, 9,813 separate wallet addresses made at least one transfer on Sunday, and 9,625 fresh wallets were created on Monday.
According to Santiment, these two new signals validate that LINK price can continue to push higher toward $30 and above.
Cuy Sheffield, head of crypto at Visa, said they partnered with Chainlink to enable a cross-chain and cross-border settlement between tokenized assets in Australia and Hong Kong.
Sheffield reflected on how Chainlink CCIP provides secure cross-chain infrastructure, compliance, and identity standards needed to connect global financial institutions, enabling transfers across public and private blockchains.
Whales started accumulating Chainlink tokens worth millions since the Chainlink reserve announcement. The platform plans to use proceeds from its decentralized infrastructure’s on-chain and off-chain revenue to fund the reserve.
Moreover, Chainlink’s DeFi TVL jumped from $917 million to $981 million in just five days. This indicated more entities locking value into Chainlink-enabled DApps.
Lookonchain highlighted that a whale “0x4EBD” continues to accumulate LINK heavily in the last few days. The whale has withdrawn 1,293,757 LINK worth $31.15 million over the past 4 days.
The whale purchased another 249,808 LINK worth $6 million from crypto exchange Binance today.
LINK price fell nearly 1% in the last 24 hours, with the price currently trading at $24.13. The 24-hour low and high were $23.95 and $26.68, respectively.
Furthermore, the trading volume has dropped by 4% in the last 24 hours, indicating a slight decrease in interest among traders amid market-wide profit booking.
Popular analyst Michael van de Poppe confirmed a shift in the downward trend to upside. He added that it’s likely one of the strongest crypto assets right now, especially after announcing the Chainlink Treasury.
Analyst Crypto Tony expects further upside momentum in Chainlink price. The weekly chart signals a breakout to bring a massive rally.
Analysts predict bulls could target $31 and $47 next, with small pullbacks expected amid the crypto market crash. As long as the price holds above $13, the upside momentum can reach $47.
In contrast, CoinGlass data showed a more than 4% decline in total Chainlink futures open interest in the last 24 hours.
However, 4-hour LINK futures OI on Binance, OKX, and Bybit crypto exchanges soared 0.43%, 2.57%, and 2.88% at the time of writing.
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