|

LINK price: Chainlink wallets accumulate the altcoin, prepare for massive comeback

  • Chainlink wallets holding between 10,000 and 1,000,000 LINK have purchased more than $223 million worth of the altcoin since min-May. 
  • Proponents believe the altcoin's cross-chain interoperability protocol is on its way to being the preferred interface between top banks.
  • Chainlink price plummeted from crucial support at $6.92, analysts reveal bearish outlook on LINK. 

Based on data from Santiment, large wallet investors on Chainlink have accumulated about 47.31 million LINK tokens since March 2022. The on-chain analytic platform revealed that investors who held between 10,000 to 1,000,000 LINK have consistently accumulated the altcoin since May 2022. 

Also read: XRP Price: What is going on in the SEC v. Ripple case

Chainlink accumulation by whales triggers bullish sentiment

Large wallet investors of Chainlink, holding between one million and ten million worth of the token have consistently scooped up more LINK, adding nearly 47.31 million tokens to their portfolio over the past eight months. Throughout the bear market, crypto traders have accumulated altcoins like Chainlink.

Traders holding between 10,000 and 1,000,000 LINK tokens have followed the same trend of accumulating Chainlink through the recent dip in the altcoin’s price. Based on data from Santiment there is a massive accumulation of the oracle-powered network’s token in the crypto community since the beginning of the bear market. 

Chainlink accumulation by large wallet investors

Chainlink accumulation by large wallet investors 

Despite consistent accumulation of LINK by large wallet investors and whales, LINK price has remained largely unchanged over the past thirty days. Analysts believe this is about to change as Chainlink prepares for a massive comeback. 

Typically, accumulation by whales is considered a bullish trigger for an asset’s price, therefore Chainlink is likely to witness a recovery in the short-term. After a momentary drop below key support level at $6.92, LINK is headed towards the level yet again. Chainlink has yielded 5% gains for holders overnight, analysts predict a bullish trend reversal once LINK climbs above the $6.92 level. 

LINK-USDT price chart

LINK-USDT price chart 

Justin Bennett, a forex trader and crypto analyst identified several cryptocurrencies that are trading closer to their support level. 

Author

Ekta Mourya

Ekta Mourya

FXStreet

Ekta Mourya has extensive experience in fundamental and on-chain analysis, particularly focused on impact of macroeconomics and central bank policies on cryptocurrencies.

More from Ekta Mourya
Share:

Markets move fast. We move first.

Orange Juice Newsletter brings you expert driven insights - not headlines. Every day on your inbox.

By subscribing you agree to our Terms and conditions.

Editor's Picks

BNB Price Forecast: BNB slips below $855 as bearish on-chain signals and momentum indicators turn negative

BNB, formerly known as Binance Coin, continues to trade down around $855 at the time of writing on Tuesday, after a slight decline the previous day. Bearish sentiment further strengthens as BNB’s on-chain and derivatives data show rising retail activity.

Top Crypto Losers: Aster, Midnight, and Ethena extend losses as selling pressure mounts

Aster, Midnight, and Ethena are the altcoins with the most losses over the last 24 hours, as the broader cryptocurrency market weakens amid Bitcoin dropping below $86,000. ASTER, NIGHT, and ENA risk further losses as selling pressure mounts and risk-off sentiment spreads across the crypto market.

Ethereum Price Forecast: BitMine acquires 102,259 ETH as price plunges 5%

Ethereum (ETH) treasury company BitMine Immersion scaled up its digital asset stash last week after acquiring 102,259 ETH since its last update. The purchase has increased the company's holdings to 3.96 million ETH, worth about $11.82 billion at the time of publication.

Strategy scoops about $1 billion in Bitcoin for second consecutive week

Bitcoin (BTC) treasury and financial intelligence firm Strategy expanded its holdings following another round of weekly accumulation.

Orange Juice Newsletter – Smart insights by real people. Every day.

A free newsletter highlighting key market trends to help traders stay a step ahead. Daily insights on the most relevant trading topics, compiled by our experts in an easy-to-read format so you never miss an important move.

Bitcoin: Fed delivers, yet fails to impress BTC traders

Bitcoin (BTC) continues de trade within the recent consolidation phase, hovering around $92,000 at the time of writing on Friday, as investors digest the Federal Reserve’s (Fed) cautious December rate cut and its implications for risk assets.