As Chainlink’s LINK token experienced a price drop of over 5% in the last 24 hours, an intriguing on-chain development has raised optimism amongst investors.
A so-called “smart money” cryptocurrency whale wallet purchased over $6.9 million worth of LINK from the Binance exchange amidst the decline. This whale now holds over 417,000 LINK, having previously traded the token profitability this year.
Keypoints
- Smart money wallet accumulated over 400,000 LINK from Binance amidst recent price drop, having previously made big profits on LINK trades
- LINK price dropped over 5% in last 24 hours but is trapped within weekly supply zone between $16-18 since early November
- If LINK breaks above $17 resistance, next target could be $34
- On-chain metrics like active addresses and stablecoin deposits point to growing user adoption and capital inflows
- LINK transaction volume and valuation metrics suggest token may be undervalued…
