The Chainlink Whale withdraws 100,00 Link Tokens valued at $2.95 Million

• In 24 hours, Chainlink whales withdrawn 100,000 LINK tokens valued at $2.95 Million.
• LINK is down 3.02% for the day.

Following a recent record high of $30.49, Chainlink [LINK] The market has undergone a correction. The altcoin fell to a low price of $27.49.

The altcoin struggled since then to keep its momentum. Chainlink, as of the time this article is written, has a daily chart value of $28.22. That represents a drop by 3.02%.

Chainlink’s charted weekly and monthly data had both risen by 21.43 percent.

A recent decline and subsequent retrace in the daily charts created an accumulation and buying opportunity. Most investors have begun to accumulate altcoins.

The Chainlink Whale accumulates 100,000 tokens

The following is a list of LookonchainLINK’s price is falling, so a Chainlink whale is accumulating.

In the past 24 hours, this whale has withdrawn 100,000 LINK tokens valued at $2.95 Million from Binance.  In the last three working days, this whale withdrawn a grand total of $52.9999 LINK Tokens from Binance.

Source: IntoTheBlock

A rise in whale activity is indicative of this behaviour among large holders. IntoTheBlock reports that whale activity increased by 41.5% in the last day. It is clear that the whales have been actively involved in this network.

Source: IntoTheBlock

The increasing whale activity suggests whales hoard their wealth. The Large Holders’ Netflow-to-Exchange Netflow Ratio declined in the last week, and has remained negative over the last three days.

Whales tend to accumulate when this ratio falls. The ratio shows that there are more assets being exchanged than whales accumulating.

If whales are accumulating, this often means they have long-term plans. Withdrawals from exchanges made by large holders can reduce the potential for selling, creating a positive signal in case demand rises.

What impact does LINK have?

Although increased whale accumulation can be a positive signal for the market, LINK’s price has fallen over the last day.

Despite this, LINK remains bullish despite the recent drop in daily charts. The bullishness of the LINK market is evident not just from the increasing whale accumulation, but also by the surge in stock-toflow ratio.

Santiment

Chainlink’s SFR jumped from 0 (indicating an oversupply) to 1618.48. The increase in SFR indicates increased scarcity. This may lead to investors hoarding and accumulation, reducing liquidity. If demand exceeds supply, a drop in market liquidity could drive up prices.

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Chainlink, in a nutshell, is enjoying favorable market conditions both from whales and retail trader. If this positive sentiment persists, LINK is likely to regain the $30 level of resistance and then attempt $32.2. If the daily chart decline gains traction amongst sellers, however, the altcoin may dip as low as $26.9.