Mysterious Whale Withdraws IDR 2.6 Trillion LINK From Binance, Chainlink Experiences Improvement

JAKARTA - The digital asset market is heating up again with news of the massive withdrawal of Chainlink tokens (LINK) from Binance by several mysterious entities. Since June 24, 2024, 93 new wallets have attracted around 12.75 million LINKs, which is equivalent to a value of 167 million US Dollars (approximately IDR 2.6 trillion).

This withdrawal comes amid signs of a wider market recovery, following intense selling pressure due to the German government's decision to release all of its reserves. Several major altcoins, including Chainlink, recorded significant spikes.

Quoted from Crypto Potato, according to popular crypto analyst Ali Martinez, crypto whales have purchased more than 10 million LINKs in the past two weeks, valued at nearly 120 million US Dollars (approximately IDR 1.9 trillion). Data from IntoTheBlock also shows a significant trend in LINK's net flow on the exchange, which has been negative over the past two weeks. About 110 million US Dollars (approximately IDR 1.7 trillion) LINK has been withdrawn from the exchange in this period, which is often attributed to the accumulated phase, suggesting that investors are moving LINKs to long-term wallets.

This behavior indicates increased confidence in LINK's prospects, as holders usually move assets off the exchange when they intend to keep them for a long time. This accumulated phase is in line with broader market sentiment, hinting at potential bullish developments for LINK in the near future.

LINK prices show signs of bullish momentum along with a wider crypto market. These assets rose nearly 5% and are currently trading at a price of 13.85 US Dollars (around Rp223,885). Experts now view LINK with high optimism, they believe that LINK has passed the level of support and is now ready for a reversal. They predict a final target in the range of 19 US Dollars (around Rp307,135) to 22 US Dollars (around Rp35,630), highlighting a significant upward movement potential.

Chainlink has maintained a strong upward trend over the years, and analysts believe conditions are currently preparing for the new bullish cycle. This positive view is supported by recent whale accumulation and overall market sentiment, indicating that LINK may be on the verge of a significant price spike.