Chainlink Whale Slumps Big Amid LINK Price Rally, 500% Gain Ahead?

A Chainlink whale has caught the attention of cryptocurrency market enthusiasts and has heavily accumulated the cryptocurrency during the recent price rally. On-chain data on Tuesday showed that a whale had captured nearly $6 million worth of the token, sparking optimism about the asset’s future performance. Meanwhile, LINK price also rose nearly 30% intraday, further solidifying market optimism amid massive whale accumulation.

Chainlink Whale bags $6 million worth of tokens, triggering the uptrend in the market

According to data from Debank.com as of December 3, whale address 0x73d3 has caught the attention of investors with its latest bet on the LINK token. Notably, this Chainlink whale purchased 269,861 LINK worth $6.68 million amid the coin’s recent bullish move.

According to the data, whales spent $2.6 million to purchase 107,838 coins at an average price of $24.1 via DEX. Additionally, the same trader captured 162,024 coins worth $4.08 million from CEX Binance. Overall, the strong buying has sparked a current of optimism for one of the leading cryptocurrencies by market cap amid a broader bullish landscape. Also worth noting is that the coin is already on the rise and buying pressure suggests more gains are on the way.

LINK price increases by 500%?

At the time of reporting, LINK price was up nearly 28% intraday and is currently at $24.98. Its 24-hour low and high were $19.02 and $26.50, respectively. Interestingly, in line with the aforementioned whale buying, the cryptocurrency’s intraday trading volume also increased by 930%. This rising price action, accompanied by increased trader interest, has contributed to optimistic sentiment regarding the asset’s future performance.

Coinglass data showed that Chainlink futures OI increased by 58% to $704.92 million. Additionally, derivatives volume increased by 451% to $5.04 billion. These market statistics further indicate increased investor interest in the asset.

Additionally, a recent LINK price analysis from CoinGape Media suggested that the cryptocurrency is poised for a stunning 500% surge and may follow the path of XRP. This optimistic forecast comes as leading analysts expect fourth-quarter gains amid a bullish market. Furthermore, it is also notable that the coin is currently above its year-to-date high of $22.85. Crypto market participants continue to closely monitor the token, expecting more gains to be imminent in the wake of Chainlink whales’ massive buying and bullish market metrics.

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