Data shows a Chainlink whale has made a large withdrawal from Binance in the past day, a possible sign that buying may be happening.
Chainlink Has Enjoyed A Sharp 11% Surge During The Past Week
Chainlink has been among the best performers in the cryptocurrency sector during the last few days as the asset has observed some sharp bullish momentum. During the peak of this latest surge, LINK had managed to make a brief breach of the $7 level for the first time in more than a month.
Since this top, though, the token has declined a bit, as its price is now trading around the $6.7 mark. The below chart displays how the asset has performed during the past month.
LINK has observed a sharp surge during recent days | Source: LINKUSD on TradingView
Despite the retrace, though, Chainlink is still up about 11% during the past week. The only better performer among the top 20 assets by market cap is Toncoin (TON), which has massively outperformed the rest of the sector with its 24% returns in the same period.
LINK is currently sitting on the 19th spot in the market cap list, right behind Shiba Inu (SHIB) and Bitcoin Cash (BCH).
LINK's market cap looks to be $3.7 billion at the moment | Source: CoinMarketCap
It’s unclear at the moment how long this bullish momentum might continue for LINK, but one positive sign has appeared for the cryptocurrency today.
LINK Whale Has Makes Large Outflow From Binance Today
According to data from the cryptocurrency transaction tracker service Whale Alert, a large Chainlink movement has been spotted on the Ethereum blockchain during the past day.
This transaction saw 2 million tokens of the asset move between addresses on the network, worth approximately $13.7 million at the time the transfer had gone through.
Given the size of the move, it’s likely that a whale entity was behind it. As for what this humongous holder may have wanted to accomplish with the move, perhaps the full details of the transfer would shed some light.
Looks like this transfer only costed the sender a fee of $0.70 to go through | Source: Whale Alert
As you can see above, the sending address in the case of this Chainlink transfer was one attached to the cryptocurrency exchange Binance. The receiver, on the other hand, wasn’t affiliated with any known centralized platform and was potentially the personal address of the investor.
Generally, investors withdraw their coins from platforms like these whenever they plan to hold onto them for extended periods. Thus, the whale entity behind the transaction in question may have been accumulating with this move.
This is naturally a constructive sign for LINK, as it implies that instead of selling and taking profits while the asset is still holding significant returns, this whale has possibly tried to double down on the asset by moving their coins to a self-custodial address.
Featured image from Richard Sagredo on Unsplash.com, chart from TradingView.com