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Can LINK’s price and volume surge distract traders from these troubles?

Press Releases Crypto News AMB-Crypto Can LINK’s price and volume surge distract traders from these troubles?

Substantial LINK deposits sparked uncertainty regarding the cryptocurrency’s trajectory as it experienced a surge in price.
Despite the recent price increase, Chainlink lagged in user growth and witnessed a decline in development activity.

The movement of large sums of Chainlink[LINK] captured the crypto community’s attention. This triggered speculation about the cryptocurrency’s next moves. As various altcoins surged in the wake of Bitcoin’s [BTC] rally, LINK seemed to lag behind, raising concerns among traders and investors.

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Large addresses make moves

One noteworthy aspect was the apparent lack of whale interest in LINK. Data from Arkham Intelligence revealed a substantial deposit of $7 million worth of LINK to Binance over just an eight-hour period by a significant CEX trader, known as 0x5bA.

Strikingly, LINK’s price saw a 6.5% decline during this deposit, highlighting the potential impact of whale movements on the cryptocurrency.

0x5bA still holds another $3M of LINK.

Shall we check back again in 8 hours?

Follow their movements for yourself on Arkham:https://t.co/kkwEZkueR7

— Arkham (@ArkhamIntel) October 23, 2023

Despite the lack of substantial whale interest, LINK displayed notable price and volume surges in the past three days. It gained over 30% since the start of the weekend. This trend was further exemplified when 0x5bA deposited $3 million worth of tokens to Binance after receiving over $10 million in LINK earlier.

This wave of large-scale transfers can have a significant impact on LINK’s price dynamics. At the time

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Author: Himalay Patel

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