Crypto analytics firm IntoTheBlock is updating its outlook on Chainlink (LINK) after the blockchain oracle had a strong recovery in just one month.
The firm says that with LINK’s more than 50% surge since June, the least number of Chainlink holders are seeing losses this year.
According to IntoTheBlock, LINK has more room to run with the next likely price resistance level at $10, a more than 22% increase from its current value.
However, IntoTheBlock says that LINK may dip if some investors start taking profits.
“It looks like LINK is recovering quite well since we reported on it last month. As of now, roughly half of the investors are experiencing a loss, which is the smallest figure we’ve seen all year! Given the recent uptick, it’s quite possible that some investors may decide to sell their holdings to secure profits.
However, the majority of potential resistance is situated at much higher prices ($10+).”
Chainlink fell to a recent low of $5.12 on June 23rd but is trading for $8.16 at time of writing, a 59% increase.
According to IntoTheBlock, 43% of LINK holders are seeing profits, while 51% are underwater.
About 69% of Chainlink holders have held onto their tokens for more than one year, 27% between a month and a year, and 4% for under a month, the firm’s data shows.
IntoTheBlock is also keeping an eye on the smart contract platform Ethereum (ETH).
The firm notices that this week saw the largest recorded amount of ETH moved onto centralized exchanges (CEXs) in the last two months, which could indicate there will be increased selling of the second largest digital asset by market cap.
“This week, Ethereum recorded the highest inflows into CEXs in the past two months with $383 million worth of ETH.”
According to the firm, a huge portion of CEX-inflow came from a single wallet address that had purchased 61,216 ETH during its initial coin offering (ICO).
“A significant portion of the inflows came from a single address; an old wallet that had acquired 61,216 ETH during the Ethereum ICO.”
Ethereum is trading or $1,891 at time of writing, up 0.1% during the last 24 hours.
IntoTheBlock also highlights three digital assets with a high percentage of token supply that long-term holders have not moved in five or more years. At the top is Bitcoin (BTC) at 29% of supply not moved by long-term holders in five or more years followed by Dogecoin (DOGE) at 17% and Litecoin (LTC) at 13%.
“Unmoved coins speak volumes about the long-term vision of crypto investors. Our latest infographic explores this for Bitcoin, Litecoin, and Dogecoin. Explore the data, understand the patterns.”
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Source: https://dailyhodl.com/2023/07/21/chainlink-recovering-quite-well-after-50-pump-in-a-month-says-crypto-analytics-firm-but-theres-a-catch/