Chainlink (LINK) whale transactions may indicate bullish movements.
A $106 million transfer to a new whale address was the greatest move to occur in $LINK since June.
Which might be an indication that bullish swings are on the horizon.
Following months of teasing the neighborhood support area, Chainlink (LINK) finally seems poised to breach it with the arrival of whales. This comes as other altcoins have experienced encouraging rallies, and the price of Bitcoin (BTC) is now at an eight-month high. Not only that, but a slight uptick in Bitcoin's price from its current level might encourage further expansion of the altcoin market as well. In this situation, wealthy traders appear to be waiting for the next surge to come so they may maximize their accumulations.
According to a recent analysis by CoinGabbar, the local resistance levels for LINK were $8.3 and $9.42. The first resistance level was broken with the help of the most recent entry of Chainlink whales, while the next support level is still teasing traders.
The wider picture for cryptocurrencies is always triggered whenever whale assets resurface after a period of time. So, based on the volume of LINK coins exchanged, a breach of support at $9.40 may be possible. The whales made a significant LINK move, the largest in as many as eight months, according to Sentiment data. It's interesting to note that the transfer of $13.01 million worth of LINK tokens took place just hours before the price reached the local support level.
The biggest change in $LINK since June was a $106 million transfer to a new whale address. The price reached its highest point since the FTX collapse at $8.34 four hours after this transfer.
Recent intentions by the Chainlink developers to apply artificial technology for numerous use cases were made public. It would be premature to label Chainlink (LINK) as an AI token, but given its inherent capabilities and ease of integration, it is not impossible. Chainlink's founder, Sergey Nazarov, stated that the team intends to use AI for off-chain smart contract flow.
