4,440,000 LINK has been moved in 24 hours, is the whale dumping?

Chainlink (LINK), a decentralized Oracle protocol, has recorded significant market activity in the past 24 hours due to whale transactions.

According to data from IntoTheBlock, large transaction volume surged by 45% during this time period.

LINK whale activity signals strategic moves

Notably, large holders traded 4.44 million LINK during this period, indicating an increase in activity due to price changes in the market.

Chainlink has had a vibrant week of activity. In the past 7 days, the trading volume of this coin soared to a high of 4.46 million LINK.

The ecosystem recorded a weekly low of 2.21 million LINK traded by large holders.

Large trading chart | Source: IntoTheBlockData shows that whales in the Chainlink ecosystem have traded over 60 million dollars in just one day. This indicates a heightened interest from them, who may be making strategic moves such as repositioning, accumulating, or taking profits.

Increased activity of whales can positively impact the Chainlink ecosystem in many ways. Notably, retail investors often act on signals from whales, and a spike in trading by large holders can boost confidence among smaller investors.

In addition, the Chainlink ecosystem is very important for DeFi, cross-chain interoperability, and the integration of real-world assets (RWA). Therefore, the increase in transactions by large holders shows that Chainlink's integrations with Coinbase and JPMorgan are yielding results.

"Blockchain's AWS" receives praise

Meanwhile, stakeholders have expressed optimism that Chainlink could become the backbone of the next wave of financial internet.

According to a post on X by an Oracle theorist, the Chainlink Runtime Environment (CRE) "is the AWS of blockchain." This Oracle theorist is suggesting that just as Amazon Web Services (AWS) serves as a foundation for much of today's internet activities, CRE plays a foundational role in blockchain ecosystems.

To make it easier to understand, AWS plays an important role in many websites and applications on the backend, while developers rely on it to build and deploy services.

Similarly, CRE is a secure off-chain layer that allows smart contracts to access data, APIs, and perform complex calculations. With CRE, developers can build advanced decentralized applications without being limited by blockchain networks.

A user's post on X stated that CRE of Chainlink could further drive adoption in the financial sector when used by major banks like JPMorgan.

LINK price recovers but faces resistance at the $16–17 level

This development could drive the value of LINK to soar. The current price of LINK is trading at $13.76, down 0.16% in the past 24 hours.

LINK 4-hour price chart | Source: TradingviewThis token has risen from a low of $13.44 in a strong bullish rally, peaking at $14.08 before correcting to the current level.

Chainlink has achieved this increase without much support from the ecosystem, as trading volume has decreased by 51.09% to $249.37 million during the same period.

The analysis of LINK's price performance over the past seven days shows a steady growth trend as the token dropped to a low of $12.62. Many investors have expressed concerns that it could break the support level of $12.50, but LINK has recovered and is currently still on an upward trajectory.

However, Chainlink is still quite far from the $20 mark. In an effort to surpass this level, the price may be rejected at $16 or $17 as seen in previous attempts.

Dinh Dinh