Chainlink Whale Sells 356,665 LINK for $4.59M Amid Market Surge
- A Chainlink whale sold 356,665 LINK tokens and made a profit of $4.59 million in USDC.
- During marketplace recovery the investor disposed of purchased tokens by averaging $12.88 per unit.
- The whales remaining balance now stands at 7,693 LINK worth approximately $101,533.
A major Chainlink investor has taken advantage of the latest price surge by selling many tokens for profit. Onchain data revealed that the whale offloaded 356,665 LINK, generating $4.59 million in USDC at an average price of $12.88. The investor made a strategic investment decision because market factors and price increases occurred at this time.
Whale Sells 356,665 LINK Amid Market Recovery
A prominent whale sold 356,665 LINK tokens, securing a profitable exit at a key market level. The investor executed the sale for $4.59 million in USDC when Chainlinks price reached $12.88. The whales remaining balance is now 7,693 LINK, worth approximately $101,533.
This directed investment pattern occurs when the asset demonstrates strategic upward price movement. Chainlink saw a price rise from $11.94 to $12.88, creating an opportunity for profitable sales. Although the actual purchase cost of the whale remains unknown, selecting a particular buying period demonstrates planned profit-making objectives.
The size of this transaction creates fast-rising market price movements that affect market intelligence within short-term periods. The market is unstable because traders rapidly adapt to price alterations during the recent transaction. Whales actively demonstrate how strategic selling functions within the crypto field through their activities.
LINK Price Updates
Chainlink has faced a downward trend in recent weeks, but signs of a potential breakout are emerging. During the current month-to-date the market value decreased by 32.9% and in the last week it depreciated by 23.4%. Despite this, LINK has shown resilience, with strong buying activity supporting its price stability.
Today, Chainlink is trading at $13.14, reflecting a 1.4% increase over the past 24 hours. Chainlink showed price movement between $12.69 and $17.07 this month because the markets continue to resist higher prices. LINK needs to break above the $17.54 resistance mark for a stronger upward trend.
The cryptographic data points to investors patiently acquiring LINK, thus indicating that the asset may appreciate further. LINK has maintained support at $12.42, preventing further declines. The existing market purchase activity might continue until LINK price breaks through its resistance points to initiate additional upward movement.
Development Activity Signals Long-Term Growth
Chainlink developers continue their active work, solidifying their position as an essential element of the DeFi ecosystem. According to Santiment data, LINK maintains its leadership position for network expansion as it signifies ongoing technical advancement. Better long-term asset performance and growth becomes possible through developer initiative, and this strategy drives up product adoption opportunities.
LINKs ongoing expansion has stabilized its price even when market conditions become unstable. The expansion of Chainlink utility within decentralized finance appears likely due to rising adoption alongside the active development of network systems. The continuous developments within the network may impact LINKs market value during this upcoming period.
Read more: https://www.tronweekly.com/chainlink-whale-sells-356665-link-for-4-59m/
Text source: TronWeekly
