- Chainlink whales accumulated 15 million tokens worth $165 million over the last two months.
- LINK has surged by 21. 28% over the past month.
As a seasoned researcher with years of experience in the cryptocurrency market, I find it intriguing to observe the recent developments surrounding Chainlink (LINK). The surge in price over the past month, coupled with the significant accumulation by whales, paints a picture of growing optimism among large investors.
Over the last month, Chainlink’s price has witnessed substantial growth as indicated by its price chart. Following a dip to around $10, it has risen impressively to touch a recent peak of approximately $15.36.
Lately, the surge in value has got analysts discussing what’s fueling this rise. As per well-known crypto analyst Ali Martinez, a key aspect that catches attention is the growing hoarding by ‘whales’ (large investors).
Chainlink whales accumulate $165M worth of LINK
Over the last two months, Chainlink whales have been steadily increasing their holdings, amassing approximately 15 million Link tokens with a total value of roughly $165 million.
When whales (large investors) become active buyers, it indicates a general market positivity. This implies that these big players are hopeful about an upcoming price surge.
It’s worth mentioning that a surge in market confidence among significant investors can be seen, as indicated by the rise of positive netflow among these investors following a steep drop. In other words, it appears that more big investors are buying rather than selling.
Furthermore, it’s evident that the trend of exchange outflow volume is similarly noticeable. According to IntoTheBlock data, the outflow volume has reached a 3-month peak, with approximately 1.8 million LINKs valued at $25.92 million being moved into cold wallets. This suggests that many LINK holders are maintaining their tokens, expecting further price increase.
As a result, an increase in whale activity can be observed in a market that’s generally optimistic and expects price growth, as suggested by the trend on charts.
Implications on LINK price charts?
Over the last month, we can see that the growth in whale accumulation and retail trader holding has significantly boosted the price of Link.
In the last four weeks, the price of Chainlink (LINK) has climbed a significant 21.28%, currently standing at $13.39. Interestingly, this positive momentum continues on a weekly scale, with LINK increasing by approximately 12.35% as well.
Nevertheless, the value of the altcoin has experienced a reversal in its trend on the daily graphs, dropping by 10.82%. Yet, despite this downturn, the general feeling among investors remains optimistic, as can be seen from the analysis provided earlier.
As an analyst, I’m observing that if the current optimistic feelings persist, LINK might successfully breach its persistent resistance at $15. In this scenario, it could lead to a surge beyond this level. On the flip side, if the daily charts indicate a downtrend, it may provide sellers with control, potentially causing a drop towards a crucial support zone around $10.
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2024-11-13 19:03