Whales are currently accumulating Chainlink (LINK), which seems to have positively impacted the price

The on-chain analytics software Lookonchain reports that whales are now Chainlink (LINK) accumulating. It mentions that over the last two weeks, 30 new addresses purchased 2,645,590 LINK from Binance for $18.52 million, maybe from the same whale.

It reveals the purchase of 367,814 LINK valued at $2,422,717 by whale address “0xD51b” on March 15 for $6.59.

Since March 10, when the price of Chainlink formed a foundation at the $5.90 support, it has steadily increased. After that, Chainlink continued to record eight possible eleven green days, surpassing significant thresholds at MA 50 and 200 ($7.06 and $6.93, respectively).

The recent whale accumulation over the past two weeks appears to have had a favorable effect on the price of LINK. Also supporting the recent increase is a positive crossing of these moving averages. If Chainlink’s current surge continues, it might be motivated to reach the $8.2 and $8.4 levels. The daily RSI indicates a bullish advantage since it is trending upward above the neutral level of 50.


LINK/USD 4-hour chart | Source: TradingView

At the time of writing, LINK had increased by 4% over the previous day to reach $7.31. The token has gained 13% during the last week as well. With a $3.8 billion valuation, Chainlink holds the 20th position in cryptocurrency market capitalization rankings. The Chainlink testnet LINK faucet is now accessible on Base Goerli, related to ecosystem news. Early in March, Coinbase’s Ethereum Layer 2 chain, Base testnet, saw the launch of Chainlink’s pricing feeds.

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