Chainlink Whale Bags Heavily Amid LINK Price Rally, 500% Gains Ahead?

A Chainlink whale has caught the attention of crypto market enthusiasts, heavily accumulating the crypto amid its recent price rally. On-chain data on Tuesday pointed out that a whale bagged nearly $6 million worth of the token, sparking optimism on the asset’s future movements. Meanwhile, LINK price also soared nearly 30% intraday, further cementing market optimism in the light of the massive whale accumulation.

Chainlink Whale Bags $6M Worth Tokens Igniting Market Bullishness

According to data from Debank.com dated December 3, the whale address 0x73d3 has caught the eyes of the investors with his recent bet on LINK token. Notably, this Chainlink whale bought 269,861 LINK, worth $6.68 million, amid the coin’s latest upside movement.

Data indicated that the whale spent $2.6 million to buy 107,838 coins at an average price of $24.1 via DEX. Further, the same trader bagged 162,024 coins worth $4.08 million from the CEX Binance. Overall, the heavy buying has ignited an optimistic torrent for one of the leading crypto by market cap amid a broader bullish landscape. Also, it’s noteworthy that the coin is already on a rally, with the buying pressure indicating further gains loom.

Intriguingly, another bullish aspect has unfolded in the sector, cementing chances of a rally ahead. The number of new LINK addresses being created is currently at its highest in over two years, IntoTheBlock data revealed.

LINK Price To Rally 500%?

At the time of reporting, LINK price gained nearly 28% intraday and is currently sitting at $24.98. Its 24-hour low and peak were $19.02 and $26.50, respectively. Intriguingly, aligning with the abovementioned whale buying, the crypto’s intraday trading volume also surged 930%. This rising price movement, accompanied by heightened trader interest, has added to bullishness on the asset’s future action.

Coinglass data indicated that Chainlink’s futures OI soared 58% to $704.92 million. Moreover, the derivatives volume surged 451% to $5.04 billion. This market stat has further flagged increased investor interest in the asset.

Additionally, a recent LINK price analysis by CoinGape Media indicated that the crypto eyes a staggering 500% surge ahead, potentially following XRP’s path. This bullish projection comes against the backdrop of leading analysts anticipating gains amid a bullish Q4 market. Further, it’s also noteworthy that the coin is currently up above its year-to-date high of $22.85. Crypto market participants continue to extensively eye the token, expecting further gains imminent in the wake of the massive Chainlink whale’s buying and bullish market metrics.