Wallets Accumulating LINK Underline Potential of Chainlink, Will it Stand the Test?

• Two newly created wallets have accumulated 409,935 Chainlink tokens.
• The total value comes to around $5.48 million.
• LINK has surged by 1.25% over the last 24 hours but remains under pressure.

Two whale wallets recently accumulated over 400k LINK tokens for a collective worth of more than $4 million. This has triggered anticipation around the potential of Chainlink tokens to generate bullish yields in the times to come. For now, multiple factors are at play to possibly impact the performance of LINK and other tokens in the market.

Whale Wallets Accumulating LINK

Two newly created wallets have accumulated 409,935 Chainlink tokens for a collective worth of approximately $5.48 million. One wallet, 0x10D, has reportedly withdrawn 202,607 LINK for $2.7 million at the time of the transaction. Another wallet, 0xb59, has withdrawn 207,328 tokens for $2.78 million at the time of the transaction.

Interestingly, both wallets are believed to be linked to a single entity. This comes hours after LINK was seen plunging to $13 with a dip of 28% in its trading volume. Furthermore, sentiments towards Chainlink tokens shifted from neutral to slightly bearish at that time.

LINK Price at the Moment

LINK is currently trading at $13.36, up by 1.25% over the last 24 hours at the time of writing this article. However, the token has declined by 1.44% in 7 days and 2.89% in one month. The 24-hour trading volume has retraced an upward trajectory with a jump of 64.3%.

According to LINK price prediction, it is possible for the token to soar by 49.23% in the next 3 months. This opens up the trajectory to mark a peak point at around $20.06 amid the medium volatility of 4.06%. It could demonstrate a surge of 14.19% within a month to trade at $15.35, assuming the volatility remains around the expected mark.

Factors Influencing Chainlink (LINK)

Two whale wallets accumulating the token and its price prediction point to the direction of a bull run. But, there is a chance that Chainlink might be affected by multiple factors – thereby seeing volatility in LINK price. For instance, the recent unemployment rate and job growth data indicate that the US Federal Reserve may not change rates at all.

Also, the reported fallout between US President Donald Trump and Fed Chair Jerome Powell has deepened. Powell suggested that he could be indicted for not cutting rates after the January 27-28 meeting. And, Trump is now looking to impose a 500% tariff on countries that are buying Russian energy products. This could hamper international trade and affect investments in the crypto market.

Highlighted Crypto News Today:

Powell Says DOJ Probe Tied to Trump Pressure Over Fed Rate Cuts