Whales Buy Over 1.35 Million LINK Tokens Amid Key Price Levels

Recent activity in the Chainlink (LINK) market has drawn attention as whales made substantial token purchases.  On-chain data reveals that approximately 1.5 million LINK tokens were acquired by major investors within the last 24 hours.

Whales have been spotted making substantial token purchases in the Chainlink (LINK) market, coinciding with a broader market recovery.

On-chain data reveals that major investors have acquired approximately 1.5 million LINK tokens within the last 24 hours. This buying spree comes as the token's price experiences a surge, sparking speculation about LINK's next price moves.

The surge in whale accumulation has contributed to optimism among traders. The token's price trades at $21.73 at press time, reflecting a 6.64% increase over the past 24 hours. With a circulating supply of 630 million tokens, Chainlink's market capitalization now stands at $13.7 billion.

Whales Buy Over 1.35 Million LINK Tokens Amid Key Price Levels

According to crypto analyst Ali Martinez, Chainlink whales purchased over 1.35 million LINK tokens within a day. As highlighted by Martinez, Santiment data reveals these acquisitions occurred as LINK's price hovered between $19 and $20.5.

This price range is viewed by many traders as a crucial support zone for the token's price.

The buying activity suggests growing interest among major investors in Chainlink's potential. Market participants speculate that this accumulation phase could positively influence the token's price trajectory.

Ecosystem Developments Boost Market Sentiment

Recent advancements within Chainlink's ecosystem contribute to the bullish sentiment. The launch of the CCIP v1.5 upgrade on the mainnet introduces new capabilities for developers.

This update enables the deployment of Cross-Chain Tokens (CCTs) across over 20 blockchains within minutes, facilitating efficient token transfers.

In addition to the v1.5 upgrade, CCIP is expanding @circle's Bridged USDC Standard to more chains.

CCIP will help increase access to bridged USDC to help prevent liquidity fragmentation and accelerate DeFi adoption across the multi-chain ecosystem.

Furthermore, Chainlink's partnership with Circle to integrate bridged USDC into DeFi markets and collaboration with Ripple to introduce RLUSD stablecoins into the ecosystem highlight its efforts to bolster its presence within the blockchain landscape.

Futures Market Sees Rising Open Interest and Volume

Data from Coinglass reveals that LINK's futures trading volume surged by 38.07% to $970.83 million, while Open Interest climbed 11.04% to $936.28 million. This increase in activity reflects heightened trader participation and speculation in the futures market.

As highlighted by historical trends, a steep rise in LINK Futures Open Interest has occurred since late November, peaking above $900 million in early January. Notably, sustained Open Interest levels above $800 million indicate ongoing market interest and potential price movements ahead.

With whales actively accumulating LINK and ecosystem upgrades enhancing utility, Chainlink continues to attract attention across both spot and futures markets. Traders are keeping a close watch on further developments in the token's trajectory.

FAQs:

The current price of LINK is $21.73.

Whales bought approximately 1.5 million LINK tokens in the last 24 hours.

The CCIP v1.5 upgrade, enabling cross-chain token deployment, boosted market sentiment.