- Lookonchain observed a whale has been acquiring large amounts of LINK in 2023.
- Today, this whale withdrew 150,000 LINK from Binance, further reducing the market-ready supply.
- Being priced at $10.29, LINK also experienced a 12.99% surge in one day.
Lookonchain, a market analytics platform, observed a whale has been acquiring large amounts of LINK in 2023. Today, this whale withdrew 150,000 LINK from Binance, further reducing the market-ready supply of this altcoin. This exchange-to-wallet withdrawal could drive LINK’s prices to increase in the future due to the reduced supply, which also reduces liquidity.
It was also observed that this particular whale withdrew 451,000 LINK from Binance on April 17 and 18, when the altcoins price was at $8.12. At the same time, around 451,000 LINK was deposited to Binance at $5.2 on June 10 and reported a loss of $1.3 million.
LINK is currently placed in the top trending cryptocurrencies, according to CoinMarketCap. Being priced at $10.29, this altcoin also experienced a 12.99% surge in one day. Meanwhile, during the week, LINK made a magnificent double-digit spike of 36.31% in seven days, which pushed the altcoin into the green zone of the chart.
This surge and spike could signal that the altcoin may continue to experience a week as traders begin to show signs of high optimism. The market cap is valued at $5,733,489,780, putting it in the thirteenth place, at the time of writing. The trading volume is priced at $1,316,687,424, and highlights the traders’ positive sentiment towards LINK through the 7.91% surge observed in the market.
Looking at the chart, the candlesticks broke through several resistance levels and the upper band of the Bollinger Band after observing a spike. Moreover, the BBWP hit the 100 level further confirming a huge overbought activity. This activity has caused the volatility in the market to increase and traders need to take caution as an equivalent fall may happen as well. Hence, any traders trying to enter the market now should be careful as a subsequent fall may happen.
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