Multiple Addresses Buy 406 Million LINK Between $6.3 and $7

  • The 406 million tokens were bought at prices between $6.3 and $7.
  • That could represent crucial support, preventing LINK’s price from falling to lower levels.

Ali, a renowned crypto analyst on Twitter, has identified some significant activity on the Chainlink ecosystem that could significantly impact the price action. In a tweet, Ali revealed details of on-chain data showing the purchase of nearly 406 million LINK tokens by 68,540 addresses.

Ali noted that the addresses purchased the tokens at prices between $6.3 and $7. According to him, this could have a technical implication for LINK’s future price behavior. The large buy orders around the noted prices would represent a crucial support area that could prevent LINK’s price from falling to lower levels.

LINK recovered from a local low of $5.900 after retracing by nearly 30% from a yearly high of $8.397, according to data from TradingView. The price reached a new high on February 20, 2023, following a rally that started at the beginning of the new year and swept across all the top cryptocurrencies in the crypto market.

During the rally, LINK surged from $5.569 to the yearly high, gaining more than 51%. As of the time of writing, LINK trades at $7.271, a few points above the upper limit of the large purchase identified by Ali.

According to a CoinMarketCap description, Chainlink is a blockchain abstraction layer that allows blockchain interaction between external data feeds. It ranks as the 19th cryptocurrency based on market capitalization. LINK has a circulating supply of 517 million tokens, with a trading volume of $293.9 million in the last 24 hours.

Disclaimer: The views and opinions, as well as all the information shared in this price prediction, are published in good faith. Readers must do their research and due diligence. Any action taken by the reader is strictly at their own risk. Coin Edition and its affiliates will not be held liable for any direct or indirect damage or loss.

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