Is Chainlink and Polygon About to Rip Higher? Whales Accumulating
20 Dezembro 2023 - 6:00PM
NEWSBTC
According to Lookonchain data on December 20, whales are
actively accumulating Chainlink (LINK) and Polygon (MATIC) and
moving them from Binance, one of the world’s largest cryptocurrency
exchanges by trading volume. Citing on-chain transfers,
Lookonchain notes that LINK is specifically seeing significant
accumulation from a fresh wallet labeled “0x8eAD,” which has
withdrawn 247,860 LINK worth approximately $3.5 million from
Binance in the past two days. Meanwhile, two new wallets, “0xa813”
and “0x38b3”, have been actively accumulating MATIC, withdrawing 5
million MATIC worth around $3.13 million from Binance earlier
today. Whales Accumulating, Will MATIC And LINK Rally? The fact
that whales, individuals, or entities controlling large amounts of
a particular token or coin are circling MATIC and LINK is net
bullish and might support prices in the coming sessions.
Notably, the transfer is considered bullish when whales move coins
from exchanges to non-custodial wallets like hardware wallets or
even hot wallets to engage in decentralized finance (DeFi), degen
trading, or NFT trading. Related Reading: Dogecoin Price In
Trouble: Whale Transfers 85 Million DOGE To Robinhood This shift is
because, unlike in centralized exchanges like Binance, where their
intention is usually trading for other coins or USDT, in on-chain
apps, they can use the same stash to earn rewards, for instance, by
providing liquidity or staking. Therefore, considering the
recent transfer, LINK and MATIC prices might recover, increasing in
the coming few trading sessions. Thus far, looking at candlestick
formations in the daily chart, LINK is stable and remains within an
uptrend. Notably, prices are trading above the 20-day moving
average, suggesting that the coin found support. LINK is currently
up 155% from September lows but down 15% from November peaks.
On the other hand, MATIC is also stable and rejects attempts for
lower lows. After days of consolidation, the coin has support at
around $0.70, matching a critical level recorded in November.
Still, whether the uptrend will resume depends on whether prices
will float higher, breaking above $0.93 or November 2023 highs in
the coming session. Technically, $0.95 marks a critical
reaction level for MATIC that, if comprehensively broken, could
open the doors for $1.20 and $1.60 in the coming sessions. Polygon
And Chainlink Roll-Out Critical Features Beyond current technical
formations, fundamental events prop up Polygon and Chainlink bulls,
especially around decentralized finance (DeFi) and layer-2
scaling. Chainlink’s new staking upgrade aims to mop more
LINK from circulation, possibly increasing prices on rising demand
for Cross-Chain Interoperability Protocol (CCIP). Related
Reading: MATIC Enters Correction Phase, Bleeds 10% In The Past Week
Meanwhile, as other blockchains repurpose to become Ethereum
layer-2, Polygon CDK is becoming a critical cog in fast-tracking
the process, directly supporting MATIC prices. Feature image from
Canva, chart from TradingView
Dogecoin (COIN:DOGEUSD)
Gráfico Histórico do Ativo
De Jun 2024 até Jul 2024
Dogecoin (COIN:DOGEUSD)
Gráfico Histórico do Ativo
De Jul 2023 até Jul 2024