Chainlink Whales Scoop Up $50M LINK While Analyst Expects Rejection

Recent large withdrawals of Chainlink (LINK) from cryptocurrency exchanges indicate sustained accumulation by whale investors and institutions. While LINK prices have pumped recently, some traders believe a pullback may occur near a major resistance level.

According to on-chain analyst Lookonchain, whales or institutions continue building LINK positions. One unknown whale or institution recently withdrew 2,745,815 LINK (worth $49.9 million) from Binance via 49 new wallets.

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Another whale known as “0x2A19” pulled 494,957 LINK (around $9 million) from Binance over the past 10 days. These sizable transfers signal strengthened institutional investment in Chainlink’s Oracle network.

LINK Pumps for 9 Days; Resistance Looms

In a tweet, crypto YouTuber CryptoBusy noted that LINK has been rising for almost nine straight days now. However, he warned of a potential rejection play near a significant resistance confluence.

This resistance zone includes both a strong multi-year.618 Fibonacci level and a historical price ceiling. CryptoBusy believes trading demand and supply zones yield higher profits than hastily entering trades during price spikes.

Though macro conditions have improved and whales keep buying, LINK appears overextended on its daily chart. A pullback could occur if bulls cannot push through resistance around $8.

Also read: Chainlink Could Hit $26 Soon; 47 Fresh Wallets Accumulate LINK

Still, long-term LINK holders seem unconcerned with potential near-term volatility. On-chain metrics reveal these investors have kept accumulating during price drawdowns.

If resistance holds for now, any dips would likely attract renewed institutional buying. Whales know that expanded Chainlink adoption remains early despite January’s parabolic surge.