Chainlink Sees Massive Whale Activity as LINK Targets $30K

The cryptocurrency market is a truly turbulent sea, and the movements of large whales, those investors with large amounts of assets, are like tsunamis capable of causing huge waves. Last week, the crypto community's eyes turned to Chainlink (LINK), with a whale making massive withdrawals from Binance.

The withdrawal of nearly 600 LINK, worth over $17 million, from a single wallet has been a recent attention-grabbing move. Theories have begun to emerge in the crypto community, with some believing that this move is a sign of Confidence in Chainlink’s Long Term . On the other hand, others speculate that this whale may be gearing up for some more intense market activity.

Recently, LINK has seen significant momentum following World Liberty Financial (WLFI), a decentralized finance (DeFi) initiative linked to Donald Trump, move the market by acquiring US$ 12 million in cryptocurrencies. The transaction, which took place on December 12, included the purchase of Ethereum (ETH), Chainlink (LINK) and Aave (AAVE) with USD Coin (USDC). These acquisitions had an immediate impact on the market, especially for LINK and AAVE.

LINK targeting $30?

Analyzing Chainlink’s recent price action, renowned crypto technical expert Ali Martinez noted that the token is flashing a bullish signal and if it can hold its key support at $26,8, the cryptocurrency could be on track to rise towards $30,2.

“The TD Sequential indicator has issued a buy signal on the Chainlink $LINK 4-hour chart. If key support at $26,8 holds, LINK could target a rebound towards $28,5 or even $30,2,” wrote the analyst.

Source: TradingView/Ali Martinez

At press time, Chainlink’s price is trading at $24,68, down 9.2% over the past 24 hours. During this time, Chainlink (LINK)’s trading volume is $2.894.489.355, representing a 48,70% increase from a day ago and signaling a recent surge in market activity.