LINK Accumulation Continues as Price Breaks Above Two-Year Resistance

According to Lookonchain, a smartmoney on-chain analytics platform, an unidentified whale is accumulating LINK, the native crypto of the Chainlink ecosystem. In a recent post on X (formerly Twitter), the analytics platform shared a document showing some of the unidentified whale’s latest transactions.

Lookonchain showed that the whale withdrew 4,556,684 LINK, equivalent to $83.6 million, via 55 fresh wallets in the past five days. Previous posts by Lookonchain revealed similar transactions by unknown whales and institutions, although the platform did not specify whether it was referring to the same whale.

On February 7, Lookonchain exposed two mysterious whales that withdrew LINK tokens from Binance. The first whale withdrew 2,745,815 LINK worth $49.9 million via 49 new wallets, while the second whale withdrew 494,957 LINK, equivalent to $9 million within ten days. A day before, Lookonchain reported that 47 fresh wallets withdrew 2,237,504 LINK worth $42.38 million from Binance.

LINK resumed its upward movement in the last week of January after trending sideways for nearly three months. The blockchain token broke above $18 for the first time in about two years, initiating another phase in its upward movement.

With on-chain activities showing increasing whale accumulation, many users expect LINK to rally higher shortly. The reason is that most whales and institutional investors prefer to keep their digital assets away from crypto exchanges and trading platforms whenever they want to hold them for extended periods.

LINK traded for $18.4 at the time of writing, with the chart formation revealing a potential bullish momentum, according to data from TradingView.