Chainlink Whales Accumulate as Stacks and NuggetRush Gain Momentum

2 months ago 39

The crypto markets are showing signs of recovery after a tricky start of 2024, with Bitcoin breaking $52k on Wednesday after more than 2 years. Moreover, the leading altcoins like Chainlink (LINK) and Stacks (STX) are rallying over 10% in recent days. In particular, some notable whale movements for LINK may suggest further upside ahead.

At the same time, newer crypto gaming projects like NuggetRush (NUGX) are gaining decent early traction in their presale stages.

Chainlink Price Analysis

Chainlink traded sideways between $13 and $17 for the last 3 months. However, the token recently broke out above the $17 resistance level to reach over $20 – representing an 18% gain. This happened in late January and early February. And then, in the last few days, LINK has been trading between $19 and $20.

So, we’ve looked into a renewed whale accumulation for LINK. As per on-chain analytics platform Spot On Chain, two major LINK whales withdrew a combined 175,183 LINK (worth $3.54 million) from Binance and Coinbase over the past day.

Specifically:

Address 1 withdrew 117,878 LINK ($2.36 million) from Coinbase
Address 2 withdrew 57,305 LINK ($1.14 million) from Binance

Notably, those two whales alone have withdrawn 266,192 LINK ($5.3 million) from centralized exchanges since February 5. The tokens were withdrawn at an average price of $19.89.

Crucially, the whales have not moved or sold any of the withdrawn LINK so far. This suggests they are accumulating the tokens in private wallet storage for the long run.

Such large accumulation from whales is typically a positive sign for an asset’s price, as it shows ‘smart money’ sees value at current levels. Hence, LINK may have room for further upside if the whales ultimately hold or stake their tokens instead of selling.

Stacks Price Analysis

Stacks, the smart contract blockchain secured by Bitcoin, has also been on a tear in recent weeks. The STX token has climbed over 10% today to trade around $2.6 – bringing it close to revisiting its all-time high around $2.9 from December 2021.

According to analysis on TradingView by Coinpedia, STX shows multiple bullish technical signals:

A large bullish engulfing candle indicating strong buyer dominance
120% intraday spike in trading volume highlighting momentum
Breakout from rounding bottom pattern overcoming key resistances
Positive trending indicators like MACD and Bollinger Bands

The analysis sets a price target of $3.37 for STX in the near term – a 25% gain from current levels. This target is based on trend and Fibonacci extension analysis.

Beyond the technicals, the broader recovery in crypto markets likely provides a bullish backdrop for STX to keep running. Investor confidence tends to rise across altcoins when Bitcoin and Ether find their footing.

New Meme Coin NuggetRush Gains Traction

NuggetRush (NUGX) is a crypto platform blending gaming, NFTs, and charity work. It aims to offer real utility to token holders beyond speculation.

At its core, NuggetRush will provide a play-to-earn experience focused on gold mining. Your task will be to build and manage virtual mining facilities through gameplay, including hiring workers, buying equipment, and ultimately selling the gold produced.

Alongside gaming, the project plans to launch a community-driven NFT marketplace allowing users to trade tokenized collectibles. Certain NFTs like the RUSHGEM can even be redeemed for physical gold, adding real-world value.

The NUGX token is currently in the final stage of its ICO presale ahead of the platform’s launch. With price starting at $0.01 and now trading at $0.018 in Stage 5, NUGX has already provided holders with an 80% gain.

Impressively, over 182 million tokens have been sold so far, highlighting strong early demand. Listing price is fixed at $0.02, meaning ICO participants can still get NUGX tokens below listing value.

Their X (Twitter) account has over 40k followers and they post daily updates about new about the projects, for example:

NuggetRush offers a combination of gaming entertainment and crypto utilities. With presale traction accelerating ahead of launch, the project might potentially capitalize on the expanding play-to-earn industry.

Conclusion

As crypto markets show signs of the next cycle of this bull run, projects offering real-world utility are leading the way. Chainlink enables an essential blockchain infrastructure service in decentralized oracles, while Stacks builds smart contract capabilities secured by Bitcoin.

At the same time, newer gaming-focused projects like NuggetRush are gaining remarkable traction in their early stages. With presale sales over $3 million already, NuggetRush highlights the expanding crypto gaming industry. Its blend of mining simulation, NFT integration, and charity work means investors might add this project to their watchlists.

Ultimately, cryptocurrencies focused on solving real-world problems have the best chances of survival and mass adoption. Whether it’s enabling decentralized networks, expanding developer ecosystems, or providing new entertainment experiences, utility-driven projects seem poised to drive the next wave of crypto innovation.

Nugget Rush Presale