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Chainlink Price Surges 20% From Beginning Of Month With Active Accumulation Of 81 Whales

September 22, 2023 - Around 2 mins mins to read

Key Points:

  • Chainlink price surges 20%, indicating a strong bull market, driven by increased whale accumulation.
  • 81 new wallets withdrew $31.58 million worth of LINK from Binance on September 15.
  • The Chainlink Cross-Chain Interoperability Protocol (CCIP) underpins the rally, offering secure multi-blockchain application development.
Chainlink (LINK) is experiencing a remarkable surge, with its price up 20% from the September 12 low of $5.8. This substantial increase indicates the imminent onset of a strong bull run, accompanied by a significant accumulation of LINK by prominent investors, often referred to as “whales.”
Chainlink Price Surges 20% From Beginning Of Month With Active Accumulation Of 81 Whales

Chainlink Price Surges 20% as Bull Run Gains Momentum

Data from Lookonchain reveals a noteworthy development: on September 15, a total of 81 new wallets were created, which began withdrawing LINK from the popular exchange Binance on September 18. These wallets have successfully withdrawn a total of 4.7 million LINK tokens, valued at approximately $31.58 million.

image 811
Source: Lookonchain

The resurgence in Chainlink’s price has pushed it above the crucial $6.50 resistance level. While the token is currently undergoing a correction, its upward momentum is evident, with a new support level forming around $6.62.

Whales Flock to LINK Amidst CCIP-Driven Price Rally

However, Chainlink is now at a pivotal juncture, as it faces a decisive moment following a rejection from the supply zone at $7.05. This recent surge in LINK‘s price can be attributed to the Chainlink Cross-Chain Interoperability Protocol (CCIP), a groundbreaking development that provides Web3 developers with a secure and seamless interface for creating applications that can operate across various blockchains.

The CCIP leverages the robust Chainlink decentralized oracle networks, renowned for safeguarding substantial capital and facilitating over $8 trillion in transactions. This protocol was meticulously designed with the developer community in mind, incorporating advanced security features through the Risk Management Network and backed by Chainlink’s well-established oracle infrastructure.

DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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Author

Harold

With a passion for untangling the complexities of the financial world, I've spent over four years in financial journalism, covering everything from traditional equities to the cutting edge of venture capital. "The financial markets are a fascinating puzzle," I often say, "and I love helping people make sense of them." That's what drives me to bring clear and insightful financial journalism to the readers of Coincu.