The global crypto market cap surges above $1.06 trillion as the assets mark a decent recovery since the last trading day. Bitcoin price made an effort to rise above $26,500 that inducing bullish momentum within the crypto space. However, Chainlink continues to trade under beamish influence despite the technicals having turned in bullish favor.
The sluggish price action appears to have triggered the traders negatively, as the sellers have heavily dominated. As the weekend is on the horizon, the whales also jumped to and shed their supply expecting a rise in volatility. Moreover, the price continues to trade at a 2-year low which has raised many concerns among the market participants and the whales.
No sooner than the price lost its grip, the supply on exchanges soared high to hit 17 million LINK worth over $85 million
Intensively, the daily active address also soared from nearly 2000 to 9019 and currently holds levels around 3000. Along with this, transaction volume also surged from $17.2 million to as high as $328 million at the moment. Therefore, considering the huge transaction volume in the times of a dropped DAA, it suggests a whale activity.
As per the data from Coinmetrics, Whale’s balance has dropped heavily in the past few days.
The huge drop in whale holdings may further validate the bearish market sentiment among market participants. Besides, one of the popular analysts, Michael van de Poppe also suggests to his 657.7K followers, that this is the right time to accumulate Chainlink. This suggests the price may witness a steep rebound very soon.
Source: https://coinpedia.org/price-analysis/chainlink-consolidates-within-a-narrow-region-as-selling-pressure-accumulates-whats-next/