The LINK whales seem to know what’s coming as they’ve been accumulating Link to over $312 million.
Santiment, a notable crypto analytic platform, has reported that over $312 million worth of LINK tokens have been added to several wallets since March.
“Chainlink’s shark & whale addresses (holding 10k to 1m $LINK) have been busy accumulating during the 2022 bear market. Since March 3rd, these addresses have added 47.31M LINK to their wallets. This translates to $312.7M more invested.”
Whales are a cogent phenomenon in crypto, representing a major parameter for determining a project’s fundamentals. Lately, chainlink seems to have its fair share of a whale & shark accumulation despite the bearish trend of the crypto market.
Several whale activities are seen with chainlink addresses piling up 10,000 to 1 million LINK.
The cryptocurrency market is choppy. Several potential projects have lost steam; however, whale accumulation in Chainlink sparks a new hope within the crypto community. Seeing the whale accumulation, analysts also comprehend that the price of LINK will withstand the broader crypto bear market pressure and post a remarkable rally in the near future.
In September, the price of a lot of cryptos surged by at least 20% despite the bearish market. LINK is currently trading around $6.63 with about 1.07% retracements again.
Based on four weeks of TA analysis from the LINK/USDT pair, there is significant support for LINK price at $6.44. However, this support level was further confirmed after it experienced a double bounce.
If the current trajectory continues, a bullish trend could occur with a possible break out in $8.20. However, it’s best not to do long orders until there is an exhaustion of the downtrend and good support. Experienced traders can test the waters by shorting chainlink.
Although, the huge whale buy accumulation pressure could be a green signal for LINK staking because LINK’S blockchain now features a web app specifically for LINK holders who would want to check their staking eligibility.
Staking is amongst the anticipated features of the new chainlink economic model (Economics 2.0).
Key Takeaways From the News
- Whales have currently held over 17.61% of the total circulating supply of LINK within the last six months.
- Although LINK is still rallying beneath its erstwhile ATH, there is no major uptrend yet which is quite surprising.
- They’ve been higher sell pressures of over 10 million, previously holding 54% of the circulating supply.
- Chainlink recently announced 15 with notable blockchains like Bsc, Ethereum, polygon, and moonbeam.
- As part of its expansion plan, chainlink will, through its ontonomi parametric insurance platform, provide secure services for cargo and marine industries.
- Chainlink is upscaling & optimizing its oracle service via a new program called SCALE. The new program is expected to lead to reduced operational costs for subscribers on the oracle network.
- Yet another cohort accumulating are LINK addresses holding between 100,000 and 10 million coins which saw their balances increase substantially.
Source: https://crypto.news/chainlink-sharks-and-whales-add-313m-worth-of-link-in-six-months/