Chainlink Surges Above $12.50 as Whale Moves Millions to Coinbase
Chainlink's price has broken above $12.50 after weeks of resistance at that level, and its holders are optimistic about the token's future. The former resistance zone now serves as support for any potential pullback, while LINK remains above all its EMA indicators.
The surge in Chainlink's price comes on the heels of a short squeeze, which absorbed 85% of Sunday's $1.87 million in liquidations. Meanwhile, an on-chain whale has sent another $7.6 million worth of LINK to Coinbase, bringing their three-week total to $26.04 million.
Traders are pointing to Chainlink's role in tokenized stock pricing on Coinbase and DTCC's collateral platform as key drivers behind the bullish case for LINK. As Axel Bitblaze noted, 'as more stocks move on-chain and get traded, borrowed against, or lent out, Chainlink's service revenue from that activity converts into LINK buying.'