Chainlink whales step up accumulation – What next for LINK prices

• Whale continues LINK accumulation.
• LINK is unable to cross above the $18 price range.

The attention toward Chainlink [LINK] from a specific whale has surged in recent days, with the accumulation volume showing no signs of slowing down. In light of this recent trend in accumulation, how has the price of LINK performed?

Chainlink whale goes on a shopping spree

Over the past few days, the interest from Chainlink whales have intensified, particularly with increased aggression from a particular whale wallet.

Lookonchain data showed that this whale wallet has been consistently accumulating LINK over the last three days. At the time of this writing, the whale wallet has amassed a total of 4,556,684 tokens, valued at about $83.6 million, based on the current LINK price.

The ongoing accumulation of this whale wallet is seen as a positive sign, suggesting an anticipation of a potential future increase in the LINK price.

Chainlink holders grow 

An examination of another crucial metric showed a notable uptick in the overall number of Chainlink holders. Santiment’s data highlighted an increase in the count of LINK holders over the past few months.

Specifically, between January and the current date, the number of holders has increased by about 9,000, reaching a total of 717,000 holders as of the latest data. 

Source: Santiment

Further analysis of the supply on exchanges indicates a recent trend where holders are withdrawing their LINK holdings from exchanges.

At the time of this writing, the supply on exchanges had diminished to approximately 21.5% of the total supply. This metric suggests that, as accumulation continues, a significant portion of the holdings is being moved away from exchanges.

The withdrawal from exchanges indicates an anticipation of a potential future price rally that could propel the LINK price higher from its current level.

Source: Santiment

LINK trend suffers setback

The daily timeframe price trend analysis of Chainlink showed that it has remained within the $18 price range for several days, following a surge into this range on 1st February.

The chart showed that the price of LINK has been fluctuating between increases and declines over recent days.

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At the time of this writing, it was trading at around $18.2, reflecting a decrease of around 1.3%. Despite these declines observed in recent days, the overall trend appears strong, as suggested by its Relative Strength Index (RSI).

At the time of this writing, the RSI remained above 60, indicating a strong bullish trend.

Source: Trading View