A whale transferred 984,550 LINK worth $9.23 million to Coinbase after accumulating 2.41 million LINK from Binance. LINK climbed above its 50-day and 200-day moving averages at $8.71 and $8.4
Chainlink is facing fresh whale activity as LINK trades near $9.39 after breaking above key moving averages. Onchain Lens reported that a whale sent 984,550 LINK worth about $9.23 million to Coinbase. The transfer came after the whale accumulated about 2.41 million LINK from Binance over the past month.
The whale still holds about 1.43 million LINK, valued near $13.43 million. Onchain Lens estimates the remaining holdings carry an unrealized profit of about $1.42 million. Meanwhile, Michael van de Poppe said LINK has moved above its moving averages on the higher timeframe.
He also pointed to large bullish divergences on the asset. According to van de Poppe, the move could mark an end to LINK’s four-year downtrend. However, he said traders should avoid chasing the current move.
His first scenario involves Bitcoin making a slight low sweep without falling sharply toward $61,000. Under that scenario, he expects LINK could trade below $9.20 before moving toward $11.
The chart shows LINK trading around $9.392 on August 16. Price recently climbed from the $8.20-$8.50 area and moved above the 50-day and 200-day moving averages. The 50-day average is at $8.71, while the 200-day average is at $8.44.
Source: Santiment Both averages have started turning higher, according to the chart. However, LINK previously fell from nearly $10.90 in early May toward $7.20-$7.30 in June. Price later formed higher lows before breaking above $8.70.
Daily active addresses have fallen sharply from an early May spike near 284,000. The latest reading stands around 1,346, despite LINK’s recent price recovery. Van de Poppe also outlined a second scenario if broader markets move lower.
He said he would watch below $8.60 for potential LINK trades toward $11. The chart places support at $8.71 and $8.44, followed by $8.00-$8.20. Resistance is around $9.40-$9.50, then $10.00 and $10.45-$10.90.
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