$20M Worth LINK Moves From Crypto Exchanges: What It Means for Chainlink Price?

Despite bullish projections, Chainlink failed to move with the bulls and faces consolidation. Multiple analysts and predictions have presented Chainlink price prediction to $50. However, it fails on various levels, where short-term price consolidation affects its long-term trajectory. However, the $20M withdrawal from the crypto exchange presents a bullish signal. Let’s discuss what this means for the Chainlink token and its long-term trajectory.

770K LINK Withdrawn From Exchanges Amid Chainlink Price Consolidation

According to the Santiment feed, around 770,000 LINKs have moved from crypto exchanges to individual wallets today. At the current Chainlink price of $25.90, these 770,000 LINKs come to $20M. The token faced consolidation around Donald Trump inauguration, resulting in the price drop. However, it is attempting to recover at press time.

Given rising investor confidence, this increased withdrawal from crypto exchanges represents a bullish outlook. A separate report mentions a surge in the Chainlink whale accumulation. In the last 24 hours, $7.3 million LINK was added to whales’ portfolios, boosting the token’s demand. The whale accumulation and investor internet directly hint at the token’s long-term potential, and there’s more.

WLFI LINK Buying & Cardano Partnerships Hint At Recovery

Donald Trump’s crypto project, World Liberty Financial, is another bullish factor in the LINK price recovery. The crypto project has again added $4.6M tokens to its portfolio, bringing the total to 256.3k Chainlink tokens holdings. The first time it invested in LINK, its value surged 30%. WLFI also invested in five other cryptocurrencies for their broader market perspective, which could also influence their prices.

This blockchain abstraction layer is gaining additional attention in the market. Cardano founder Charles Hoskinson has hinted at a possible partnership with Chainlink. If this happens, it could open new possibilities with DeFi and RWA tokenization and much more, which could influence their demand and price in the market.

How Will Chainlink Price Move Next?

The demand for Chainlink is persistent, and many factors support its bullish trajectory. The four-hour charts show a breakout above $22.87, a key resistance level that aligns with the March high. As the LINK price has already crossed the resistance, currently trading at $25.90, a crypto analyst highlights the formation of a cup and handle, which is a bullish pattern.

As a result, the analyst predicts that the price will move between $25 and $29 before facing any resistance. However, if the momentum fails to build, Chainlink can decline to the $21-$22 range.

Bottom Line

Considering its growing adoption and demand, crypto whales and institutional traders are eyeing the recovery of the Chainlink price. The token’s price entered the consolidation phase after a long surge. However, the increased exchange withdrawals and wale holding fueled the recovery. Today, 770,000 LINK, equivalent to $20M, moved from exchanges, showing investor confidence. Among these bullish factors, the LINK price could rally to $50 in the long term and $29 in the short term. However, failure to maintain the uptrend can result in further consolidation.