Key Points
- Whales are significantly buying Chainlink (LINK) and Ethereum (ETH), driving market momentum.
- The price targets for LINK and ETH are $20 and $4,000 respectively.
Whales are showing notable buying activity in Chainlink (LINK) and Ethereum (ETH), contributing to the market’s momentum.
Data from Lookonchain reveals that the wallet address “0xf386” accumulated 62,207 LINK from the OKX crypto exchange early on Thursday, Oct. 23.
Whale Accumulations
The whale currently holds 1.1 million LINK tokens, valued at $19 million based on the current price.
Another wallet, “0xe8aa,” withdrew 66,113 LINK tokens from Kraken late on October 22. Over the past 30 days, this address has purchased 307,684 LINK, worth approximately $5.34 million.
An Ethereum whale transferred 8,491 ETH, worth $32.47 million, from OKX to a new wallet address.
Market Impact
This heightened whale activity has caused bullish movements for both assets.
Sometimes, holders and investors wait for an asset to break a rounded-up price point, known as the psychological block, before making a move.
In this case, the $20 and $4,000 marks have been significant targets for LINK and ETH prices, respectively.
The LINK price saw upward momentum with the latest whale accumulation — rising from $16.9 to $17.6 in under 12 hours.
Chainlink experienced a major correction between Oct. 10 and 11 following the massive $19.35 billion liquidations and market-wide bloodbath, falling from $22.
LINK’s market cap is hovering close to $12 billion. For LINK to reach a $25 price target, it would need to break its psychological $20 barrier.
According to data from Santiment, Chainlink is also a top two project in terms of development activity.
The decentralized oracle network is just behind the popular non-custodial crypto wallet MetaMask.
Ethereum also gained 1% in the past 24 hours and is trading close to $3,900. Whether the leading altcoin can reach new heights or not will be determined by its ability to hold above the $4,000 mark.
It’s important to note that the cryptocurrency market is still in a highly volatile zone due to macro uncertainty, with strong liquidations happening every day.
