‘LINK Is On Fire Baby, Let’s Go $20’: Analysts Get Stoked As Chainlink Rallies 8% Whales are interested in Chainlink , prompting analysts to turn bullish on the token — though some see it in [a re-accumulation range](https://www.benzinga.com/topic/chainlink). What Happened: Based on LookOnChain data cited by crypto analyst Ali Martinez, Chainlink whales have gathered around 7 million LINK worth $105 million just over the past week. This highlights the rising confidence of major LINK players. Data indicated that an unknown wallet address withdrew 136,146 LINK (worth $2.05 million) from Binance, taking its past 10-day withdrawal to 348,006 LINK (worth $5.79 million) from Binance. The value indicates a floating profit of $229,000. Read Next: [Dogecoin, XRP Witness Significant Whale Activity: Analysts Expect ‘Something Big’](https://www.benzinga.com/markets/cryptocurrency/23/12/36403946/dogecoin-xrp-witness-significant-whale-activity-analysts-expect-something-big) Why It Matters: Rekt Capital, a cryptocurrency technical analyst, published a chart with technical analysis on X, asking: “What if Chainlink has been a Re-Accumulation range at highs all this time?” Rekt Capital@rektcapitalDec 27, 2023 What if Chainlink has been a Re-Accumulation range at highs all this time? [#LINK] [#Crypto] [#Chainlink] [pic.twitter.com/9iRb4oxhU1] For the unfamiliar, re-accumulation is a range-bound condition that forms after an uptrend. It is a pause or preparation phase for a fresh new leg of a larger uptrend. Futures Trader, Satoshi Flipper took to his X handle and said that “$LINK is on fire baby let’s gooo $20.” Later Flipper added that “Technically the market wasn’t wrong and $LINK did hit the top of the channel, almost $18 as presented on 12/21. Bottom of the channel is $14 … a blessing for swing traders if we get it.” Bottom of the channel is $14 … a blessing for swing traders if we get it https://t.co/NGdgJ32Zly pic.twitter.com/VfZZ8modKw Price Action – In the past week, LINK witnessed a 7.9% increase taking its past month gains to 11.4%. – In the past 24 hours, the LINK price peaked at an intraday high of $17.54, reflecting an increase of 7.1%. – Currently, the token is trading marginally higher over the past 24 hours (+0.4%), with volumes rising 56.2% in the same timeframe. – Based on Etherscan data, total LINK holders as of Dec. 28 stood at 707,929 compared to 704,721 holders two weeks ago. – The top holder is Binance 8 with 43.4 million LINK worth $706.5 million. Image: Shutterstock © 2023 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
