Whales Accumulate 2.08 Million LINK Tokens Worth $30.28M Amid Choppy Market

The overall cryptocurrency market is currently choppy, and top assets including Bitcoin [BTC], Ethereum [ETH], and Binance Coin [BNB] were in red.

Top cryptocurrency assets including Bitcoin (BTC), Ethereum (ETH), and Binance Coin (BNB) were in red on March 8, as the overall market remained choppy.

Amid this price movement, on-chain analytic firm Lookonchain highlighted a significant on-chain activity as nearly 54 newly created wallets withdrew 2.08 million ChainLink (LINK) tokens from an exchange.

This massive accumulation of LINK tokens is valued at $30.28 million.

According to on-chain analytic firm Lookonchain, this new accumulation might be executed by whales and institutions.

This massive accumulation signals their interest and confidence as the price reaches the resistance level.

ChainLink (LINK) price analysis: Key levels to watch out forMarch 8 technical analysis by an expert shows that LINK is looking bullish on the shorter time frame as a golden crossover (50 EMA crosses 200 EMA) is spotted on an hourly time frame and the price is nearing a resistance level of $14.8.

However, the recent accumulation data and golden crossover indicates a bullishness in the chart.

At press time, LINK is consolidating near the resistance level and open interest (OI) has surged nearly 2% in the last four hours, indicating investors’ and traders’ interest in the token.

If the LINK 4-hour candle closes strongly above the $14.9 level, then we may see possible targets at $15.5 and $16.5 in the coming days.

According to on-chain analytic firm Coinglass, if LINK breaches and gives a candle closing above the $14.9 level, then we may see $4.9 million worth of short liquidations.

However, data also indicates that short sellers are more active than long buyers.

LINK price performance at the time of writingMarch 8 technical analysis by an expert shows that LINK is looking bullish on the shorter time frame as a golden crossover (50 EMA crosses 200 EMA) is spotted on an hourly time frame and the price is nearing a resistance level of $14.8.

However, the recent accumulation data and golden crossover indicates a bullishness in the chart.

At press time, LINK is consolidating near the resistance level and open interest (OI) has surged nearly 2% in the last four hours, indicating investors’ and traders’ interest in the token.

If the LINK 4-hour candle closes strongly above the $14.9 level, then we may see possible targets at $15.5 and $16.5 in the coming days.

According to on-chain analytic firm Coinglass, if LINK breaches and gives a candle closing above the $14.9 level, then we may see $4.9 million worth of short liquidations.

However, data also indicates that short sellers are more active than long buyers.

At the time of writing, LINK is trading at around $14.40. In the last 24 hours, it experienced a 1% price drop and reached a high of $14.71 level, according to CoinMarketCap.

However, the 24-hour trading volume went down by 2%, indicating a lower level of investors’ and traders’ participation.

In the last seven days, LINK has remained stable due to continuous consolidation, experiencing a 1.3% upside move. Whereas, in the last 30 days, LINK has lost over 20% of its gains.

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