Earlier this week, the price of Chainlink (LINK), a type of blockchain service, dropped to $18. But now, it has increased by 10% and gone over $20. Right now, the price of Chainlink is $20.16, and it’s at an important point where it could go higher. Experts think it might even reach $25 soon.
Chainlink Whale Makes Huge Accumulation
Lately, a lot of big Chainlink investors, especially one main investor, have shown more interest and been very active.
Information from Lookonchain shows that a big investor’s digital wallet has been buying more and more LINK tokens for the last three days. So far, this investor has gathered 4,556,684 tokens, worth about $83.6 million, according to the latest price of LINK.
This whale wallet keeps buying more, which people think is a good sign that the LINK price might go up soon.
Since January, the number of people holding it has gone up by about 9,000, making it 717,000 holders now. Also, more people have been taking their LINK investments out of exchanges lately.
The newest information shows that the amount of LINK available on trading platforms has dropped to about 21.5% of all the LINK there is. This pattern also means that as more people keep collecting LINK, a lot of it is being taken out of these trading sites.
People pulling their money out of exchanges might mean they think the price will go up soon, which could make the LINK price increase from where it is now.
LINK Price Action
Even though the value of many digital currencies has been dropping, Chainlink (LINK) has done really well, with its price going up a lot in the last 30 days. It jumped by 35.37% last month and then went up by another 15% in the last week. This increase in price is clearly shown by the green lines on the Chainlink charts, indicating that its value has been rising.
After going above the $18.57 level, the next big challenge is reaching $20.58. If it can get past this, the price of Chainlink might climb to $25 in the next few months.
Disclaimer: The information on this website isn’t meant to be taken as advice for investing money. Investing involves uncertainty, and there’s a chance you could lose your money when you invest.