Chainlink just set a new all-time high, with LINK prices pushing $5.6. Despite investor optimism around the altcoin, data shows that big investors are getting ready to take profits.
Chainlink Reaches New All-Time Highs
Roughly $200 million wasinjectedinto Chainlink over the past 24 hours. The substantial buying pressure behind this altcoin allowed it to turn a mid-March’s high of nearly $5 into support. Following the upswing, investors seem to have FOMOed, pushing LINK’s price further to reach a new all-time high of $5.60. Even though the decentralized oracles token is in price discovery mode, the Fibonacci retracement indicator can help identify potential resistance levels. Based on this technical index, the next hurdles LINK could face if it continues trending up are the 127.2% and 161.8% Fibonacci retracement levels. These potential areas of resistance sit around $6 and $7, respectively. Despite the recent price action,datafrom Glassnode reveals that some investors anticipated the upswing and are preparing to profit from it. The on-chain data and intelligence platform reported a considerable spike in the number of tokens transferred to exchanges. On June 4 alone, approximately 4,900 transfers were made to different cryptocurrency exchanges, amounting to nearly 4 million LINK. These transactions represent the highest volume of coins ever sent to crypto exchanges in the three years history of Chainlink. Santiment’s holder distribution chart shows that a significant sum of the LINK sent to exchanges came from addresses holding 100 to 1,000 LINK. The number of holders within this group plummeted by 10%, while the number of addresses containing 1,000 to 10,000 LINK dropped by nearly 2%. cont.
The current number of tokens sitting between multiple cryptocurrency exchanges indicates that downwards price pressure is brewing. If these market participants are preparing to dump their tokens on unware investors, the event could be followed by further selling,accordingtoGarry Kabankin, the Project Coordinator at Santiment.
Under such circumstances, Chainlink could be bound for a downswing before it continues reaching higher highs.
“Essentially, people moving LINK are trying to offload their bags and take profits. If LINK’s bulls are unable to absorb this rising sell pressure and sell walls, then usually it can affect the price quite negatively,” said Kabankin.
Critical Support Levels Ahead of LINK
If this were to happen, IntoTheBlock’s “In/Out of the Money Around Price” (IOMAP) reveals that the $4.80 support level may have the ability to prevent a steep decline. Around this price level, roughly 775 addresses had previously purchased over 2.7 million LINK. Holders within this price range will likely try to remain profitable. They may even buy more Chainlink to avoid seeing their investments go into the red. It is worth noting that the selling pressure behind the oracles token might be significant enough to break the $4.80 support level. Moving past this hurdle could see Chainlinkplungeto the next substantial supply wall that sits at $4.70. Here, the IOMAP cohorts show that 1,860 addresses had previously bought more than 2.7 million LINK.
Yeah whales are preparing to dump by removing all their LINK from Binance. Makes sense to me.
Wyatt Phillips
I'm not fudding this pump pushed me over the 1mm mark, but it always dumps, and I can't see how this time will be any different. also link is going into exchanges, not being taken out - pic related
Tokens are moving off binance into top holder wallets, literally the opposites of what this article says. And using TA on an asset that has had a continual rally since the post 2017 crash is retarded when the only thing causing large drops is bitcoin movement.
Link might pullback from here but nothing to do with the absolute shitpost of an article you listed
Parker Watson
LINK is a shitty ERC20 token and can never become anything because of nChain patents. Yet, it's valued at $2B :D
Caleb Bennett
these articles are paid for by binance they try to manipulate sentiment with news like the real news does with real markets
Jonathan Edwards
Nobody cares about your faggot patent frauds Craig, gas yourself
Hunter Taylor
Never sell when ATH has been broken. There is no resistance, it is free-range price discovery. the 3.5-5$ range has been broken, what will the next range be? back to the previous range, or a new higher range.
Lincoln Hernandez
>ttps://cryptobriefing.com/chainlink-hits-new-all-time-highs-whales-get-ready-to-dump/?amp What's happening is large amounts of link are being taken out of the CZ's personal wallet because so much link is being taken from his exchange. If binance doesn't increase the supply on their exchange they might end up failing after tomorrow's announcement...
Jackson King
It's natural that really "hot" and sharp increases usually always follows a cooling off period, or at worst a bubble pop.
Looking forward to buy during this temporary dip.
Joshua Diaz
lmao. imagine missing out like this retard
Jaxon Parker
Jesus dude, you had 3 years to get a couple thousand linkies and be comfy. $5 was hard resistance, it now serves as hard support, massive buy pressure is in LINK now.
So many retards were hoping to get back in at $2 and now its gone. $5 is the new bottom if you're lucky. You gambled and fucked up.
holy shit i didnt realise this was a fud thread. Good job, i will never ever sell my link.
Levi Torres
I sold at $4.20 to put a deposit on a house. Average buy in was a tenth of that, but it still hurts a little to see this pump and wonder what could have been. Go on without me frens, godspeed.
Owen Howard
> significant amount came from addresses with between 100 to 1000 link > whales
Kek these were just the new faggots from twitter that follow chainlinkjunkie who told them link was crashing to under $3 on july 4th and they all just got rekt
Connor Murphy
so how much did you make?
How much are you in? I have 13 coins lol
David Evans
all in link
Landon Diaz
>all in link okay but how much do you have in there
