Giant Altcoin Transfer from Ethereum Whale: Price is on the Rise, What’s Next?

Chainlink (LINK) investors continue to exhibit an increase in on-chain activity in the context of the token’s significant price increase since September 18, 2023. Meanwhile, the LINK price rise began when reports emerged of a major bank partnering with Chainlink to test the Cross-Chain Interoperability of its Australian dollar stablecoin. As we reported, Chainlink wallets were busy with transfer activity of approximately 71.8 million LINK tokens. This led to speculation about the price increase. Over the last few months, the blockchain has also been linked to a tokenization test partnership with the SWIFT banking system.

4 Million Chainlink Transferred from Binance

On September 24, 2023, a large Ethereum whale made a transfer of 28 million worth $4 million. Interestingly, the LINK price has taken an impressive upside since the transfer was made, with a gain of 7%. Does this mean investors are immediately interested in purchasing the tokens? At the time of writing, the receiving address had a balance of 32,723 Ethereum (ETH), worth over $31 million.

Overall, these whale transfers make Chainlink one of the resilient altcoins at a time when Bitcoin price is currently struggling to find momentum above the $27,000 range. wider crypto- As the ecosystem focuses on developments around the spot Bitcoin ETF race for the next leg, will LINK maintain price stability in the coming weeks?

LINK Price Prediction

Analysts have maintained the price increase trend since September 18. altcoinHe predicts that pairing with Tether (USDT) will follow this path until early October before making a correction. In addition, Rootlashbin predicts that if it occurs above the correction, the recovery will only maintain a horizontal path before a sharp rally in November 2023.

According to this estimate, LINK should be able to gain almost 100% from the current range to reach $13 levels by the end of 2023.

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