Chainlink

QiDao

In the past 30 days, there has been a continuous increase in the interest of both investors and whales, leading to a substantial accumulation of Link (LINK). This accumulation has consequently driven an increase in the price of Link. 
According to recent data from Santiment, an on-chain analytics firm, whales have engaged in significant accumulation, acquiring approximately 14 million $LINK over the past week, valued at around $100 million. This surge in demand for LINK within the cryptocurrency market was also noted and tweeted by an individual named Ali on Twitter. Previously, a <a href="https://news.todayq.com/data-whales-have-accumulated-link-worth-77-million-in-last-30-days/" rel="noopener noreferrer nofollow">report</a> by Todayq News on July 28, 2023, revealed that whales had accumulated 11 million $LINK, worth approximately $77 million. 
Data from Intotheblock indicates that there are a total of 20 whale addresses holding a combined total of around 539.62 million $LINK, accounting for 53.96% of the whales’ concentration. In addition, 70 investors hold approximately 172.65 million $LINK, while retail investors possess a minor portion of LINK, with holdings of around 287.74 million $LINK. Source: IntoTheBlock 
Further data analysis reveals that out of the overall holdings by whales, investors, and retail participants, only 226.98k addresses are currently in a profitable state, representing about 34.82% of the total LINK holdings. The majority of LINK holders are currently facing losses, with roughly 376.34k addresses, accounting for almost 57.73% of total LINK holdings. A smaller portion of holders, around 48.57k addresses, are at the breakeven point, making up only 7.45% of the total LINK holdings. Source: IntoTheBlock 
Notably, since the beginning of August, LINK has entered into seven distinct partnerships with various companies, including Clip Finance, Metaboard, Chainlink Smartcon, Umoja Lab, Intella, Github, and QiDao Protocol. These collaborations might be contributing factors to the heavy accumulation by investors and whales. 
Furthermore, a technical analysis of the daily time frame indicates that LINK’s price movement has been confined to a narrow range between $4.986 and $8.756. This price action can be described as exhibiting a channel pattern, and the current position of LINK is above the 200-day Moving Average (MA), indicating a bullish sentiment in the LINK chart. Currently, LINK is trading at $7.366, and there is a possibility of a price movement toward $8.756, which marks the upper boundary of the channel pattern. It is conceivable that a reversal could occur from that point onward. 
© Todayq News

Data: Whales have accumulated $100 million worth of $LINK in the past week, here is the reason

Todayq News

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