Whales target LINK in new accumulation wave; what’s next?

Chainlink (LINK) is one of the crypto assets that have gone quiet for a while, but is now getting the attention of whales.

Data shared by Onchain Lens on 20 October reveals that several newly created wallets are scooping large amounts of the token on Binance, the number one crypto exchange by trading volume.

Stacking up LINK

Onchain Lens shared the addresses of three wallets involved in the purchase of LINK on Binance. 

Whales seem to be taking advantage of the correction last week to load up on the token before it starts to make its way up again.

After acquiring the LINK, the first wallet is said to have withdrawn 400,536 LINK ($7.29M) and now holds 1.145M LINK ($21.52M).

The second wallet has withdrawn 231,715 LINK worth $4.34M, while the third wallet has withdrawn 193,499 LINK worth $3.62M. 

The withdrawals from the exchange indicate that the whales are holding onto the LINK tokens in anticipation of future price surge, indicating positive investor sentiment.

Several other whales have been widely reported as buying up the token, which further reinforces investors’ confidence in LINK.

The positive sentiment is coming ahead of SmartCon 2025, which is Chainlink’s flagship conference.

David Mills, Senior Associate Director at the Federal Reserve Board is expected to attend the conference and hold an interview with Chainlink Labs’ Director of Capital Markets.

What’s next?

Whales buying up and holding any crypto asset is always a bullish sign, and for LINK, the signs of a positive impact are already showing.

According to a crypto analyst, the token has bounced off the $17 support and is ready to go higher in a bullish reversal.

With such whale sentiment, LINK is getting strategically positioned for the big rally ahead as altcoins are expected to enter a parabolic phase soon.