Chainlink’s $338M Transaction Spike Sparks Price Surge Speculation

• Chainlink’s large transaction volume surged by 175.28% to $338.96 million, suggesting significant whale activity.
• Mysterious movements of millions of LINK tokens by large-scale investors were reported, with two notable transactions.
• CoinCodex predicts Chainlink’s price to rise by 3.57% to $18.89 by February 26, 2024, amidst Extreme Greed sentiment.

Chainlink (LINK) has observed a significant surge in large transaction volume, indicating heightened activity among whales. These transactions, exceeding $100,000 in value, have spiked by 175% in the past 24 hours, totaling a substantial $338.96 million in crypto terms.

Comparing recent data highlights the magnitude of this surge. On February 19, the volume stood at 6.17 million LINK, skyrocketing to 17.65 million LINK by February 20. Such spikes often signal increased engagement from institutional players, suggesting significant market movements.

Over the past day, several large-scale investors have made notable movements of LINK tokens, with Whale Alert reporting two such transactions. An unknown whale wallet transferred 4,314,062 LINK, valued at $79,065,694, to another undisclosed wallet. Additionally, BlockFi shifted 2,402,942 LINK, worth $46,491,692, to another unknown wallet.

Despite these intriguing developments, Chainlink’s market performance has seen a 5.40% decline over the past 24 hours, with its current price at $18.33, aligning with broader market trends.

Looking ahead, CoinCodex’s Chainlink price prediction suggests a potential 3.57% increase, targeting $18.89 by February 26, 2024. Technical indicators indicate a neutral sentiment, while the Fear & Greed Index reflects extreme greed with a score of 78. Over the past month, Chainlink has experienced 17 green days out of 30, with a 13.13% price volatility.