|

LINK whale accumulation provides Chainlink price with a much-needed 21% boost

  • Chainlink price has recovered from under $6.0 to trade at $7.0 at the time of writing in the span of ten days.
  • Whale wallets have noted a spike in LINK balance along with a dip in the supply on exchanges, suggesting receding selling pressure.
  • The recent rally is also triggering optimism among LINK holders as unique addresses have hit a two-month high.

Chainlink price was among the front runners of the best-performing assets over the past few days. The altcoin noted significant gains that imbued a sense of optimism within the token holders, too, which was reflected in their behavior while conducting transactions on the network.

Chainlink price aims at recovery 

Chainlink price has managed to post impressive gains over the past ten days; however, considering where it fell from last month, the asset might need to continue its green run. Trading at $7.0 at the time of writing, LINK needs to climb all the way back to $7.5 in order to recover the losses it witnessed during the mid-August crash.

The recent 21.55% rise certainly helped the altcoin recover most of the losses, but it needs more juice to keep going. A sustainable rally would only be considered when Chainlink price manages to flip the $7.4 resistance into a support floor to breach $7.5.

LINK/USD 1-day chart

LINK/USD 1-day chart

However, on the off chance that the breach fails and the cryptocurrency faces corrections owing to an overheated market, it won’t fall down too far, considering all three Exponential Moving Averages (EMAs) are presently acting as support lines. Falling through them, though, could invalidate the bullish thesis and throw LINK back down toward $6.0.

A correction is not likely

Except for a minor decline every now and then, Chainlink price is not vulnerable to a steep fall anytime soon, considering investors’ behavior. LINK holders have been very active since the rise began, bringing the activity of unique addresses to a two-month high of 3.96k, last noted back in July.

Chainlink active addresses

Chainlink active addresses

Actively conducting transactions on the network has also been mostly bullish, as reflected in the supply held on exchanges. The total LINK in the exchanges’ wallets has declined by over 5 million LINK worth around $35.4 million in a week, which hints that the selling pressure is decreasing.

Contribution to this sentiment comes from the whales who have been actively acquiring LINK tokens for days now. Since the rally began, addresses holding between 10,000 LINK to 100,000 LINK tokens have seen a surge of 3 million LINK worth around $21 million.

Chainlink whale holdings

Chainlink whale holdings

This is a positive development for the altcoin, considering the state of the crypto market at the moment. If the investors continue maintaining this outlook going forward, Chainlink price could have a shot at reclaiming $7.5 as a support level.


Like this article? Help us with some feedback by answering this survey:


Author

Aaryamann Shrivastava

Aaryamann Shrivastava is a Cryptocurrency journalist and market analyst with over 1,000 articles under his name. Graduated with an Honours in Journalism, he has been part of the crypto industry for more than a year now.

More from Aaryamann Shrivastava
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

Avalanche struggles near $12 as Grayscale files updated form for ETF

Avalanche trades close to $12 by press time on Wednesday, extending the nearly 2% drop from the previous day. Grayscale filed an updated form to convert its Avalanche-focused Trust into an ETF with the US Securities and Exchange Commission.

Bitcoin slips below $87,000 as ETF outflows intensify, whale participation declines

Bitcoin price continues to trade around $86,770 on Wednesday, after failing to break above the $90,000 resistance. US-listed spot ETFs record an outflow of $188.64 million on Tuesday, marking the fourth consecutive day of withdrawals.

Michael Selig assumes role as new CFTC Chair, what does this mean for crypto?

Michael Selig has been sworn in to serve as the 16th Chairman of the Commodity Futures Trading Commission. Selig was confirmed by the US Senate to head the commission last week, following his October nomination by the US President Donald Trump.

Crypto.com hires sports trader for event prediction market-making

Crypto.com plans to recruit a quant trader for the sports market-making team to buy and sell financial contracts related to these events. Opponents argue that internal trading desks put operators or their affiliates on the opposite side of customer trades. 

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.