Crypto trader makes $200k profit on Chainlink in month

A savvy crypto trader has turned an initial investment of 81.158k Chainlink (LINK) into 641k USDC within a month, resulting in a $200k profit.

According to a tweet by Spot on Chain, a trader has consistently demonstrated an ability to pinpoint the exact points to  ‘buy low and sell high,’ culminating in a $200K profit within just a month. The trade involved swapping 81.158k LINK for 641k USDC.

The trader’s success can be traced back to long-term investments in LINK. Accumulating 321.599k $LINK at an average price of $1.8 in 2018 and 2019 laid the foundation for future gains.

In 2022, additional investments in LINK were made, leading to a substantial profit of around $1.4m when all tokens were sold.

Recent partnership and whale activities

Chainlink has also made headlines for other reasons. Coinbase’s Base integration of Chainlink price feeds on its testnet represents a significant step for the platform.

This partnership aims to facilitate the development of decentralized applications (dApps) by providing off-chain data sources from Chainlink on the Ethereum blockchain ecosystem.

Moreover, the recent activities of cryptocurrency whales have fueled excitement around LINK. Two prominent whales acquired over $5.7 million worth of Chainlink, resulting in a remarkable 15% surge in the LINK price on that day.

LINK Price Analysis

LINK is currently trading at $7.9 and has experienced a drop of -1.1% over the past seven days, data from CoinGecko shows.

Despite the correction in shorter time frames, LINK has been on an upward trajectory and has experienced a 30.9% increase in 30 days.

Chainlink price | Source: CoinGecko

The market cap of Chainlink currently sits at $4.2 billion, with a circulating supply of 540 million LINK tokens. As for the price levels, resistance is seen at $8.5 to $9, while support is observed at $5.5 to $6.

The Relative Strength Index (RSI) on the weekly timeframe currently stands at 70.729, indicating the possibility of bullish momentum.

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