Whale Investor Dumps $7.6M in Chainlink to Coinbase
A large whale investor has made another significant deposit of Chainlink (LINK) tokens to Coinbase, further solidifying a trend that suggests growing interest in the oracle network. The address 0xF5B007a6341AcC8CfEC581d8A1c5560bC19d9650 deposited approximately $7.6 million worth of LINK to the exchange.
This is not an isolated incident, as over the past three weeks, this same address has moved a total of 2.41 million LINK (~$26.04M) from Binance onto Coinbase. On-chain analysis reveals that large LINK transfers to Coinbase have accelerated in recent times.
The price of Chainlink has been on an upward trend, currently testing the upper Bollinger resistance at $13.0 while its Relative Strength Index (RSI) sits at 74.73, indicating overbought conditions. The Moving Average Convergence Divergence (MACD) is holding a golden cross, which is often seen as a bullish signal.
Given the current overbought state of LINK and the likelihood of a price correction, analysts predict that Chainlink may see a healthy retracement to its 50-EMA support at $11.78 before continuing upward.