Time to Buy LINK? $75M in Chainlink Moves to Crypto Wallet

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LINK, the native token of Chainlink, is currently making waves in the cryptocurrency realm with increasing interest from whales and long-term holders, as reported by the on-chain analytics firm Coinglass.

Crypto Whales Add $75 Million Worth of LINK 

The on-chain metrics for LINK’s spot inflow/outflow reveal that exchanges have witnessed a significant outflow of $75 million worth of LINK. Further data indicates that this notable outflow occurred over the past three trading days.

Source: Coinglass

In the cryptocurrency context, “outflow” refers to the movement of assets from exchanges to wallets, indicating that long-term holders are withdrawing tokens. Additionally, this substantial accumulation suggests a potential upside rally and an ideal buying opportunity.

However, this notable interest from crypto enthusiasts arises during a period when LINK appears to be struggling and has experienced a price decline. 

Current Price Momentum 

Currently, LINK is trading near $27.22 and has experienced a price decline of over 5.5% in the past 24 hours. During the same period, the asset’s trading volume decreased by 18%, indicating lower participation from traders and investors compared to previous days.

Indicator Flashing Buy Signal for LINK

Despite the ongoing price decline, on December 18, 2024, a prominent crypto expert posted on X (formerly Twitter) that the TD Sequential indicator is flashing a buy signal for LINK on the four-hour timeframe, suggesting the price could soar to $30.2 in the coming days.

Chainlink (LINK) Technical Analysis and Upcoming Level

Currently, LINK has breached a consolidation zone near the support level of $28, shifting market sentiment towards the bearish side. Based on recent price action, if this sentiment persists, there is a strong possibility that LINK could decline by 20% to reach the next support level at $21.75.

Source: Trading View

At present, LINK appears to be extremely stretched, as it is significantly far from the 200 Exponential Moving Average (EMA) on the daily timeframe, which hints at a potential uptrend.