Whales Accumulate LINK as Exchange Reserves Hit All-Time Low
Chainlink (LINK) Market Update
- Chainlink's price has risen 2.2% to approximately $21.83 following a market dip.
- On September 22, LINK experienced an 8% decline, reducing its market cap by around $1 billion to $14.8 billion.
- Whale investors capitalized on the dip, purchasing over 800,000 LINK tokens.
- Exchange reserves of LINK have hit an all-time low, indicating a shift towards self-custody.
- Approximately 5.5 million LINK were withdrawn from exchanges in a 24-hour period.
Technical Analysis and Future Outlook
- LINK is currently trading near the lower Bollinger Band at $21.35, which acts as immediate support.
- A rise above the mid-band ($23.32) could trigger a bullish breakout.
- Resistance is noted at $23.5; surpassing this may lead to a rally toward $30.
- The RSI indicates a neutral position, suggesting no overbought or oversold conditions.
- The MACD shows bearish pressure but traders are advised to monitor support around $20.80 for potential buying opportunities.
Analyst Predictions
- Some analysts foresee LINK moving towards $30, with long-term projections as high as $100.