Signs of renewed interest are emerging for the decentralized oracle platform Chainlink ($LINK), as blockchain data shows a wave of deep-pocketed investors, colloquially known as whales, have been accumulating significant amounts of LINK.

According to data first pointed out by on-chain analysis service Lookonchain, eight different wallet addresses withdrew $16.72 million worth of LINK from leading cryptocurrency exchange Binance over a two-day period.

This recent activity is not an isolated incident. Lookonchain has been monitoring a pattern of “mysterious” whales, likely institutional investors, acquiring substantial quantities of LINK over the past few months.

In February, the firm reported that these entities had amassed nearly a quarter of a billion dollars worth of LINK, again through withdrawals from Binance that seem to show whales are holding onto their funds on-chain rather than on exchanges.

LINK is currently trading at $20.5 after rising more than 230% over the past year, but the cryptocurrency has been underperforming the wider cryptocurrency market this year, rising just 37%, compared to Bitcoin’s rise of over 70%.

As CryptoGlobe reported, a popular cryptocurrency analyst has last month suggested LINK faced “stiff resistance” as it tried to surpass the $20 mark, with a break above it potentially meaning a surge of nearly 40% onto its next resistance level.

According to the analyst, at the time, there were 5,330 addresses holding over 8.59 million LINK tokens between that level and $19.4.

Another cryptocurrency analyst, Inmortal, posted on the microblogging platform X that after “years of research,” he believes LINK is “extremely undervalued” and that “at some point in this cycle,” the cryptocurrency could be worth $100 per token.

LINK is, at the time of writing, trading at $18.7 per token after rising more than 150% over the last 12 months and more than 35% over the past 30 days.

Featured image via Pixabay.