Oracle service provider Chainlink native token LINK has surged today as the crypto market records a significant uptick.\u00a0The cryptocurrency is up by 9.02%, trading at $6.80 with a trading volume of $198 million, representing an over 179% increase in the last 24 hours.<\/p>\n
One of the factors likely to affect LINK\u2019s price growth in the coming days is the massive movement of tokens from the network\u2019s wallet to exchanges. On September 16, four wallets associated with Chainlink transferred<\/a> 18.75 million LINK tokens across various platforms, amounting to $119 million.\u00a0<\/p>\n These wallets were originally intended for holding tokens that were not yet in circulation. But recently, around 15.7 million LINK tokens (approximately $100 million) left these wallets headed straight to Binance. Furthermore, 3.05 million LINK tokens (roughly $19 million) left the wallets in a multi-signature wallet identified as 0xD50f.<\/p>\n Following these significant on-chain activities and potential implications, investors are eager to see how LINK price will react.<\/p>\n LINK is in an uptrend, forming<\/a> a bullish engulfing pattern to break above the $6.3 resistance level.\u00a0Although LINK is still below its 200-day Simple Moving Average (SMA), today\u2019s green candle has broken above the 50-day SMA, showing increased pressure from buyers.\u00a0<\/p>\n The buyers at the $6.1 support level have forced the crypto coin to rally after the brief retracement between September 16-17. Also, the Relative Strength Index (RSI) displays a value of 58.00, rising from the neutral zone and approaching the overbought region of 70.\u00a0<\/p>\n LINK has overcome the $6.3 resistance level today. Therefore, the buyers will likely sustain the rally in the coming days.\u00a0Furthermore, the Moving Average Convergence\/Divergence displays a strong buy signal confirmed by its green Histogram bars.\u00a0<\/p>\n The cryptocurrency will likely record more price gains in the coming days if the buyers continue to accumulate the tokens. However, the unlock and transfer of 21 million LINK tokens<\/a> on September 16 could lead to a brief retracement in the long term when the buyers relent.<\/p>\n Since August 31, when Chainlink entered into a partnership with Swift and other companies, LINK has exhibited positive market moves. The interbank communication system Swift<\/a> and Chainlink, successfully transferred tokenized value across various private and public blockchains in an experiment.\u00a0<\/p>\n The positive development boosted investors\u2019 confidence in buying more LINK tokens, potentially pushing the token\u2019s value up. On September 7, Santiment<\/a> noticed that Chainlink\u2019s top-tier holders, those with 10,000-100,000 LINK tokens, were actively increasing their holdings.<\/p>\n The number of wallets holding 10,000 to 100,000 LINK tokens increased to 3,127, the highest since December 3, 2022. These wallets collected $9.6 million worth of LINK in just three days, 0.154% of the total supply. Additionally, Santiment\u2019s report showed that 98 new wallets in this category were created.<\/p>\n On September 9, a crypto expert, Ali,\u00a0revealed that these whales<\/a> bought more than 4 million LINK coins, amounting to $24 million in just 10 days.<\/p>\n These accumulations show heightened investor interest in Chainlink and will likely drive demand, thereby increasing the token\u2019s price in the coming days.<\/p>","protected":false},"excerpt":{"rendered":" <\/p>\n Oracle service provider Chainlink native token LINK has surged today as the crypto market records a significant uptick.\u00a0The cryptocurrency is up by 9.02%, trading at $6.80 with a trading volume of $198 million, representing an over 179% increase in the last 24 hours.<\/p>\n One of the factors likely to affect LINK\u2019s price growth in the coming days is the massive movement of tokens from the network\u2019s wallet to exchanges. On September 16, four wallets associated with Chainlink transferred<\/a> 18.75 million LINK tokens across various platforms, amounting to $119 million.\u00a0<\/p>\n These wallets were originally intended for holding tokens that were not yet in circulation. But recently, around 15.7 million LINK tokens (approximately $100 million) left these wallets headed straight to Binance. Furthermore, 3.05 million LINK tokens (roughly $19 million) left the wallets in a multi-signature wallet identified as 0xD50f.<\/p>\n Following these significant on-chain activities and potential implications, investors are eager to see how LINK price will react.<\/p>\n LINK is in an uptrend, forming<\/a> a bullish engulfing pattern to break above the $6.3 resistance level.\u00a0Although LINK is still below its 200-day Simple Moving Average (SMA), today\u2019s green candle has broken above the 50-day SMA, showing increased pressure from buyers.\u00a0<\/p>\n The buyers at the $6.1 support level have forced the crypto coin to rally after the brief retracement between September 16-17. Also, the Relative Strength Index (RSI) displays a value of 58.00, rising from the neutral zone and approaching the overbought region of 70.\u00a0<\/p>\n LINK has overcome the $6.3 resistance level today. Therefore, the buyers will likely sustain the rally in the coming days.\u00a0Furthermore, the Moving Average Convergence\/Divergence displays a strong buy signal confirmed by its green Histogram bars.\u00a0<\/p>\n The cryptocurrency will likely record more price gains in the coming days if the buyers continue to accumulate the tokens. However, the unlock and transfer of 21 million LINK tokens<\/a> on September 16 could lead to a brief retracement in the long term when the buyers relent.<\/p>\n Since August 31, when Chainlink entered into a partnership with Swift and other companies, LINK has exhibited positive market moves. The interbank communication system Swift<\/a> and Chainlink, successfully transferred tokenized value across various private and public blockchains in an experiment.\u00a0<\/p>\n The positive development boosted investors\u2019 confidence in buying more LINK tokens, potentially pushing the token\u2019s value up. On September 7, Santiment<\/a> noticed that Chainlink\u2019s top-tier holders, those with 10,000-100,000 LINK tokens, were actively increasing their holdings.<\/p>\n The number of wallets holding 10,000 to 100,000 LINK tokens increased to 3,127, the highest since December 3, 2022. These wallets collected $9.6 million worth of LINK in just three days, 0.154% of the total supply. Additionally, Santiment\u2019s report showed that 98 new wallets in this category were created.<\/p>\nLINK Breaks Above $6.3 Resistance Level<\/h2>\n
Whales Increase Holdings After Swift Test<\/h2>\n
LINK Breaks Above $6.3 Resistance Level<\/h2>\n
Whales Increase Holdings After Swift Test<\/h2>\n