Whales are secretly accumulating these two DeFi coins: LINK, UNI

UNI, LINK whales holding between 10K and 1 million tokens are on an accumulation spree.
LINK supply on exchanges declined, which is bullish.
UNI price rallied overnight, yielding nearly 6% gain for holders.

Ekta Mourya FXStreet

Large wallet investors on the crypto network are quietly accumulating large volumes of DeFi tokens Chainlink (LINK) and Uniswap (UNI). On-chain metrics for LINK are bullish and largely unchanged for UNI.

FXStreet has extensively covered DeFi tokens that offer opportunities for traders:

Whales engage in LINK, UNI accumulation

Based on data from crypto intelligence tracker Santiment, UNI and LINK whales in two segments, holding between 10K to 100K and from 100K to 1 million tokens have consistently accumulated the cryptos.

Uniswap whale accumulation (10K to 100K, 100K to 1 million tokens)

Chainlink whale accumulation (10K to 100K tokens)

Whale accumulation is typically considered a bullish sign for altcoins, as tokens of the asset get pulled out of circulation. It reduces the selling pressure on the asset and indicates potential for a price rally.

As seen in the Santiment charts above, accumulation by whales is followed by a price rally. In April 2023, whales in the 10K to 100K segment accumulated LINK, and the price rallied to $8.79 within a week.

UNI price displayed similar behavior in April 2023.

Catalysts drive UNI, LINK price higher

On-chain metrics like trade volume and daily active addresses climbed for both UNI and LINK over the past week. These metrics are indicative of the adoption and utility of these tokens among traders.

These metrics and the rising activity in Uniswap and Chainlink are the likely catalysts for the DeFi token’s rally.

Based on data from Binance, UNI price yielded a 5.37% gain for holders over the past 24-hours, but LINK wiped out gains from the weekend. At the time of writing, UNI is trading at $6.06 and LINK at $6.67 on Binance, respectively.

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Author

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.