Chainlink (LINK) has recorded its highest whale activity in 14 months with 1,659 daily transactions over $100,000, indicating potential major price movement
Active LINK wallets reached 9,531, the highest in 4 weeks, showing increased overall network activity
Despite a recent 20% price drop, LINK is consolidating between its daily MA 50 ($22.76) and MA 200 ($15.88)
CoinCodex predicts LINK could reach $32 in February, $41 in March, and potentially $48 by May 2025
Santiment data shows this whale activity spike occurred after the recent price decline, which could signal a potential price reversal
In a notable development for the cryptocurrency market, Chainlink (LINK) has recorded its highest level of whale activity in 14 months, according to data from on-chain analytics platform Santiment. The platform reported 1,659 daily whale transactions, each valued at over $100,000, marking the highest number since December 6, 2023.
The surge in whale activity comes at a time when LINK’s price has experienced a 20% decline over the past week. Despite the downward price movement, the cryptocurrency is currently consolidating between its daily moving averages, with the 50-day MA at $22.76 and the 200-day MA at $15.88.
With crypto taking a swing back down, Chainlink has stood out as a network with heavy key stakeholder dip buying. 1,659 daily $100K+ $LINK transactions is the most since 2023, and 9,531 active wallets is the most in 4 weeks. When altcoins rebound, keep an eye on this asset. pic.twitter.com/GUjHJALLV3
Adding to the increased network activity, Chainlink has registered 9,531 unique active wallet addresses, reaching its highest level in four weeks. This metric, last seen on December 11, 2024, suggests growing interest in the network beyond just whale movements.
The timing of this whale activity spike is particularly noteworthy as it follows the recent price decline. Market analysts suggest this could indicate large investors taking advantage of lower prices to accumulate positions.
Market data shows that LINK’s price movement has created a clear trading range between the two major moving averages. This technical setup provides traders with defined support and resistance levels to watch for potential breakout opportunities.
Looking at future price projections, cryptocurrency forecasting platform CoinCodex has outlined several potential price targets for LINK in the coming months. Their analysis suggests the asset could reach $32 in February, representing a 27% increase from current levels.
The platform’s projections extend further into 2025, with predictions of LINK potentially reaching $41 in March if it successfully breaks through the $25 resistance level. This would mark a substantial move from current price levels.
CoinCodex’s most optimistic forecast places LINK at $48 by May 2025, which would represent an 88% increase from current prices. However, these projections remain dependent on broader market conditions and technical factors.
The current whale transaction data reveals interesting patterns in trading behavior. The threshold for whale transactions is set at $100,000, indicating substantial capital movement within the Chainlink network. This level of activity often precedes periods of increased price volatility.
Santiment’s analysis has placed these whale movements in context with other cryptocurrencies. Their data shows that among non-stablecoin assets, only a few tokens have experienced comparable levels of whale activity during the same period.
The relationship between whale activity and price movement has historically been an important indicator for cryptocurrency markets. Large transactions can impact market liquidity and potentially influence price direction, though the exact nature of this influence varies based on market conditions.
Technical analysis of LINK’s current market position shows the asset trading within a defined range. The 50-day moving average at $22.76 serves as immediate resistance, while the 200-day moving average at $15.88 provides support.
Market participants are closely monitoring these whale transactions for potential clues about future price movement. The combination of increased whale activity and higher numbers of active wallets suggests growing market interest in LINK.
The data from Santiment indicates that the 1,659 daily whale transactions surpass any similar activity seen since late 2023. This metric provides a clear comparison point for evaluating the current market situation against historical patterns.
Raw data shows the precise timing of these whale movements, with the surge in transactions occurring over a 24-hour period. This concentrated activity period stands out against the backdrop of normal trading volumes.
Price data reveals LINK is trading around $19.80, following the recent 20% decline. The current price level places it squarely within the consolidation range defined by the key moving averages.
This articles is written by : Nermeen Nabil Khear Abdelmalak
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By Nermeen Nabil Khear 
With crypto taking a swing back down, Chainlink has stood out as a network with heavy key stakeholder dip buying. 1,659 daily $100K+ $LINK transactions is the most since 2023, and 9,531 active wallets is the most in 4 weeks. When altcoins rebound, keep an eye on this asset. pic.twitter.com/GUjHJALLV3
