Chainlink Sees 401% Surge in Large Transactions, How It Moves Needle on LINK Price

Chainlink is seeing a massive 401% surge in large transaction volume, with $520.44 million worth of LINK moved in such transactions.

Any transfer of more than $100,000 is classified as a large transaction by IntoTheBlock; the volume of such transactions represents the total amount transferred by whales, or large holders, in a single day.

The amount of 35.88 million LINK, which is the volume of large transactions made in the last 24 hours, was the most in the past seven days, indicating whale activity. Increases in large transaction volumes are frequently indicative of whales aggressively buying or selling.

At the time of writing, LINK was reacting positively to the surge in whale transactions and was up 3.78% in the last 24 hours to $14.68.

A potential resistance zone near where LINK is currently trading appears, where breaking even or profit-taking could result in selling pressure. This is in the $14.68 to $15.12 price range, where 12,820 addresses bought 8.69 million LINK at an average price of $14.86.

Traders, on the other hand, might keep a careful eye on the $14.19 to $14.63 area. This zone provides critical support, with about 45.03 million LINK owned by 17,920 wallets.

Chainlink announces new staking era

Chainlink Staking v0.2 has gone live on the Ethereum mainnet, ushering in a new era for LINK stakers.

At the launch of Staking v0.2, the capped 45,000,000 LINK pool will consist of a 40,875,000 LINK allotment for community members, with the remaining granted to Chainlink node operators actively supporting Chainlink Data Feeds.

During early access and general access, community stakers can stake a minimum of one LINK and a maximum of 15,000 LINK per address.

Given the excitement surrounding this announcement, Chainlink urges its community to remain cautious of scam websites spoofing the Chainlink Staking web page. In this regard, users are urged to constantly double-check the website URL before taking any action.

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