LINK once soared above $26, whales bought aggressively, and the exchange's large-scale net outflow ignited market heat

远山洞见2024/12/04 06:30

By:远山洞见

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On December 4th, it was reported that Chainlink (LINK) has performed strongly recently, with the price breaking through $26.88 at one point, reaching a phase high. Currently, it has fallen back to $23.93. In the past 24 hours, the trading volume of Bitget in-app LINK has reached as high as $117 million, and the market heat continues to rise.

According to Lookonchain, a whale bought 269,861 LINK worth about $6.68 million in the past 12 hours. Specifically, the whale bought 107,838 LINK at an average price of $24.1 on the decentralized exchange (DEX) and withdrew 162,024 LINK worth about $4.08 million from Binance.

Meanwhile, IntoTheBlock posted on social media that according to on-chain data, the net traffic of LINK's exchanges has been negative for nearly a month, which means that a large number of holders are transferring their assets to cold wallets or private accounts, reducing selling pressure. This trend, combined with whale buying behavior, indicates that the market is continuously accumulating assets, providing solid support for the price of LINK. Previously, data from Spot On Chain also showed that Gemini's multi-signature custody wallet has recently increased its holdings of LINK and other counterfeit products, including ETH.

As a leading project in the industry, Chainlink was founded in 2017 and is the core infrastructure that connects on-chain smart contracts with off-chain data. Through a decentralized oracle network, Chainlink provides critical data support for complex smart contracts, and its powerful technology ecosystem has attracted a large number of developers and investors.

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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