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Chainlink (LINK) has managed to break through the critical resistance level at $6. This unexpected surge in price can be attributed, in part, to the relentless accumulation of LINK tokens by large wallet investors, known as sharks.\u00a0<\/span><\/p>\n The trend among these influential players has been particularly pronounced, and it could hold the key to Chainlink\u2019s bullish resurgence.\u00a0<\/span><\/p>\n On-chain date cited in a <\/span>report<\/span><\/a> has provided valuable insights into this remarkable shift in Chainlink\u2019s fortunes. According to their data, the shark tier of investors has swiftly acquired a staggering $9.6 million worth of LINK tokens within just three days. This surge in demand from these heavyweights is expected to act as a significant catalyst for further upward movement in LINK\u2019s price.<\/span><\/p>\n Recent data also reveals that 98 new shark wallets have emerged within the Chainlink ecosystem since the start of the week, marking a 3.2% increase. As of Thursday, a total of 3,127 shark wallets were holding between 10,000 and 100,000 LINK tokens. This demonstrates a growing appetite among larger investors for Chainlink, further fueling the cryptocurrency\u2019s recent rally.<\/span><\/p>\n The current LINK price, as per <\/span>CoinGecko<\/span><\/a>, stands at $6.34, with a slight 0.7% decline in the past 24 hours. However, over the last seven days, LINK has seen a notable 6.4% rally, defying the broader bearish sentiment that has gripped the altcoin market.<\/span><\/p>\n<\/p>\n The accumulation of Chainlink tokens by shark investors has historically served as a powerful indicator for predicting LINK\u2019s price movements. <\/span>Previous instances have shown that when these influential players increase their holdings, it often precedes a substantial uptick in the token\u2019s value. As such, the ongoing accumulation by sharks is a metric worth closely monitoring to gauge the future trajectory of Chainlink\u2019s price.<\/p>\n Prominent crypto trader Micha\u00ebl van de Poppe, <\/span>sharing his insights<\/span><\/a> on the social media platform X, suggests that Chainlink might be on the brink of a breakout against Bitcoin (BTC). <\/span><\/p>\n Would #Chainlink<\/a> still be considered as a buy?<\/p>\n I know, it sounds boring, but Chainlink is still going sideways and still an investment opportunity.<\/p>\n Why would that be the case? Wouldn\u2019t you be better off selling the entire bag and just leaving it alone for the coming period? \ud83d\udc47\u2026 pic.twitter.com\/j52Ul93som<\/a><\/p>\n \u2014 Micha\u00ebl van de Poppe (@CryptoMichNL) September 5, 2023<\/a><\/p>\n<\/blockquote>\nEmergence Of New Shark Wallets: A Bullish Sign For Chainlink?<\/strong><\/h2>\n
LINK market cap currently at $3.3 billion. Chart: TradingView.com<\/a><\/pre>\n
Potential For LINK To Break Out Against Bitcoin<\/strong><\/h2>\n
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