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Chainlink- Analyzing the price impact of whale’s $2.95 million withdrawal
A recent report has revealed that a large-scale investor, known as a “whale,” has withdrawn 100,000 LINK tokens worth approximately $2.95 million from Binance within the last 24 hours. This substantial withdrawal is part of a larger trend, with the same whale having taken out a total of 529,999 tokens valued at around $15.5 million over the past three days.
This significant move by the whale has led to an increase in whale activity, with data indicating a surge of 41.5% over the past day. This sudden rise is being interpreted as a bullish signal within the cryptocurrency market. However, LINK’s recent decline on daily charts suggests that this may not be immediately reflected in its price.
Despite this, there are several factors that could contribute to an increase in value moving forward. Firstly, the increased whale activity signals that large-scale investors are shifting their perspective and choosing to accumulate rather than sell. This change in sentiment could very well have a positive impact on the market as a whole.
Furthermore, data shows that the stock-to-flow ratio (SFR) has risen dramatically, currently standing at 1618.48. This significant spike is an indication of increased scarcity within the market, which may drive prices up if demand outpacing supply persists.
As LINK continues to experience this uncertainty, many analysts are left pondering whether it will reclaim the $30 resistance level and potentially aim for $32.2 in the near future. Alternatively, should sentiment shift further among sellers, the coin could see a dip as low as $26.9.
In conclusion, while LINK may not have reflected its whale activity immediately through price changes, there are still several factors that suggest potential long-term growth.
Source: ambcrypto.com
