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The Chainlink LINK cryptocurrency reacted to the actions of the whales last week and headed up.
In seven days, LINK gained about 5%, which allowed it to approach the $18.10 mark. This is good news after the altcoin dropped by 20% at the beginning of the month.
It is likely that the dump was directly influenced by large crypto investors, who then purchased the cryptocurrency at a reduced price. According to Lookonchain, two whales have recently withdrawn large amounts of LINK from OKX and Kraken.
For example, over the past five months, the user "0xf386" has accumulated 1.1 million links worth $19 million. Meanwhile, the 0xe8aa wallet withdrew 66,113 LINKS worth $1.14 million from Kraken last week. Thus, the total accumulation of whale over the past month has reached 307,684 LINKS worth $5.34 million.
According to Santiment, cryptocurrencies holding 100,000 to 1 million LINK tokens have been steadily accumulating Chainlink during the monthly downturn, setting the stage for a rebound in November.
As the accumulation of Chainlink cryptocurrencies increases, LINK's price prediction models suggest a potential move towards $25 while maintaining current buying pressure. According to CoinCodex's forecast, by November 22, LINK may rise by another 9.39% and reach the level of $19.48.