Chainlink Whale Cashes Out 356,665 LINK for Profit at $12.88

Chainlink (LINK) has attracted interest from crypto enthusiasts because of its recent positive performance and whale activity. Today, Onchain Lens spotted a whale who sold massive amounts of LINK tokens for profit.

In the past 48 hours, a whale has sold 356,665 $LINK for $4.59M $USDC at an average price of $12.88.

Currently, the wallet holds 7,693 $LINK worth $101,533.

Address: 0xc6f7fc2735ef7eb0db201dd103f2f2e6cbcfe187 pic.twitter.com/dlIAJPy7TL

Whale offloads 356,665 LINK

According to data shared by Onchain Lens today, the whale sold 356,665 LINK for $4.59 million USDC at an average price of $12.88. The whale timed for price rise and initiated the sales. When LINK’s price reached $12.88, the investor had already offloaded 356,665 LINK tokens worth $4.59 million for a profit.

This significant sale in LINK comes after an impressive price recovery noted early today. The data did not show the price at which the whale bought the tokens. However, today’s price rise from a low of $11.94 to $12.88 was enough to give this smart investor the profits he targeted. The whale currently holds 7,693 LINK worth $101,533.

LINK price updates

Chainlink has been facing a downtrend over recent days.  In the monthly and weekly timeframes, its price has been down 32.9% and 23.4% respectively. However, on-chain data shows that the asset could experience a breakout from the downward movement soon.

LINK is currently displaying bullish indicators of increased buying and development activities, which are the main catalysts that could push its next price uptrend. The asset is currently showing strong indicators of user enthusiasm and network growth, suggesting that soon the token could bolster its value past resistance levels.

Development activity within the Chainlink network has remained strong over the past month. As per Santiment metrics, LINK continues to take the lead in developer activity, a significant indicator of the network’s continuing technical development. This increased advancement and the network’s growing adoption suggest that LINK is strengthening its role in the DeFi landscape.

The development aspect has started effecting positive action in LINK’s price. Today, the asset’s value is currently standing at $13.14%, after seeing a rise of 1.4% over the previous day. Since early this month, its value has been moving within a range of $12.69 to $17.07. This shows that the asset has been struggling to move above the crucial resistance level of $17.54, suggesting uncertainty in the market.

However, on-chain indicators show that Chainlink is experiencing a strong accumulation trend occurring underneath, which could eventually push the next upside movement in the asset’s price. While LINK has been sustaining its price above the support level of $ 12.42, breaking above the resistance level of $17.54 would be crucial for any upward momentum.