• Chainlink has been noting continuous accumulation since the beginning of September following a massive sell-off days before.
  • The price decline has left over 75% of all Chainlink investors in losses.
  • Despite repeated lower lows formation, LINK is naturally maintaining a consistent uptrend which began in June.

Chainlink, impacted by the broader market trend, noted repeated fluctuations in price over the last four months. However, standing apart from other cryptocurrencies, LINK is at least a little above its lows of June and July. This is possible thanks to its holders, who have been maintaining a bullish stance towards the crypto.

Chainlink poised for a comeback

Since the beginning of the year, there have been all but only two instances of unprecedented and immediate sharp selling, and both of these took place during moments of unforeseen crashes. 

The first one took place back in June when the entire market crashed and LINK holders sold over 10 million LINK tokens in a week. The second and most recent instance occurred towards the end of August when in a single day, about 17 million LINK worth $117 million were sold by investors.

Depleting supply of Chainlink in exchanges

Following the crash, the price recovery has been slow and, at many times, disappointing, but the gradual accumulation has led to the investors reclaiming about 13.5 million LINK tokens worth about $93.15 million.

Interestingly accumulation isn’t the only constant occurrence, as, despite the consistent formation of lower lows, LINK is maintaining its broader market uptrend.

As visible on the chart, after creating a local top last month, LINK noted a 25.87% dip again. This brought the price from $9.3 to $6.9, which is still above the June lows of $5.9.

Chainlink 24-hour price chart

But the wait continues

Although LINK might appear to be in an uptrend, its effects are yet to be seen on its 686k investors as only 23% of investors still enjoying profits since May. 

Chainlink investors in losses

This situation can only be turned around when LINK makes it to $20, which in the past has been the price point at which at least 50% of all investors were in profit.


Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Recommended content


Recommended Content

Editors’ Picks

Is Altcoin Season here as Bitcoin reaches a new all-time high?

Is Altcoin Season here as Bitcoin reaches a new all-time high?

Bitcoin reaches a new all-time high of $98,384 on Thursday, with altcoins following the suit. Reports highlight that the recent surge in altcoins was fueled by the victory of crypto-friendly candidate Donal Trump in the US presidential election.

More Altcoin News
Shanghai court confirms legal recognition of crypto ownership

Shanghai court confirms legal recognition of crypto ownership

A Shanghai court has confirmed that owning digital assets, including Bitcoin, is legal under Chinese law. Judge Sun Jie of the Shanghai Songjiang People’s Court shared this opinion through the WeChat account of the Shanghai High People’s Court.

More Cryptocurrencies News
BTC hits an all-time high above $97,850, inches away from the $100K mark

BTC hits an all-time high above $97,850, inches away from the $100K mark

Bitcoin hit a new all-time high of $97,852 on Thursday, and the technical outlook suggests a possible continuation of the rally to $100,000. BTC futures have surged past the $100,000 price mark on Deribit, and Lookonchain data shows whales are accumulating.

More Bitcoin News
Shiba Inu holders withdraw 1.67 trillion SHIB tokens from exchange

Shiba Inu holders withdraw 1.67 trillion SHIB tokens from exchange

Shiba Inu trades slightly higher, around $0.000024, on Thursday after declining more than 5% the previous week. SHIB’s on-chain metrics project a bullish outlook as holders accumulate recent dips, and dormant wallets are on the move, all pointing to a recovery in the cards.

More Shiba Inu News
Bitcoin: New high of $100K or correction to $78K?

Bitcoin: New high of $100K or correction to $78K?

Bitcoin surged to a new all-time high of $93,265 in the first half of the week, followed by a slight decline in the latter half. Reports highlight that Bitcoin’s current level is still not overvalued and could target levels above $100,000 in the coming weeks.

Read full analysis
Best Forex Brokers with Low Spreads

Best Forex Brokers with Low Spreads

VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.

Read More

BTC

ETH

XRP