Bank

Value

Chainlink

In the past week, a significant movement for <a href="https://coingape.com/chainlink-price-slips-signaling-further-dip-ahead-here-why/" target="_blank" rel="noopener">Chainlink (LINK)</a> reveals that fresh whale wallets have started accumulating the cryptocurrency. The LINK price has dropped over 21% in the last 30 days, however, whales have shown consistent interest in accumulation. Hence, 54 newly activated wallets withdrew a substantial amount of LINK from Binance lately. 
<h2 id="chainlink-whales-accumulation">Chainlink Whales Accumulation</h2> 
According to Lookonchain, an on-chain analytics platform, these fresh wallets have snapped up 2.08 million LINK, equivalent to approximately $30.28 million, from Binance. This trend is in sync with the behavior of LINK’s large holders. The existing whale holders have largely refrained from moving their holdings to exchanges for sale over the last month. 
This activity is closely tied to LINK’s current price trends. At the press time, the <a href="https://coingape.com/price/chainlink/" target="_blank" rel="noopener">LINK price</a> was trading at $14.61, having suffered a 21% decrease over the past month. As LINK’s price has dropped, the net flow of the cryptocurrency from large holders to exchanges has also seen a significant reduction. In the past 30 days, this flow has decreased by a whopping 110%. 
Moreover, the net flow ratio of LINK large holders to exchanges currently stands at -0.06%. For context, this metric assesses the proportion of crypto transferred by whales to exchanges compared to the total exchange net flow. Hence, it suggests that a smaller fraction of large investors’ holdings is being sent to exchanges. 
A negative value in this metric is generally interpreted as a bullish signal. It implies that these investors are accumulating rather than offloading their assets. Moreover, market analysis based on the Market Value to Realized Value (MVRV) ratio for LINK suggests that the current conditions might present a buying opportunity for those anticipating a price rebound. 
Currently, the medium-term trend for LINK appears bullish, supported by an ascending trendline. However, the coin has recently entered a correction phase amidst broader market consolidation. The formation of a lower high at $19.2 at the end of May indicates that buyers currently lack the momentum needed to push for new highs. 
Also Read:&nbsp;<a href="https://coingape.com/swiss-government-bank-launches-xrp-ada-sol-avax-dot-trading/" target="_blank" rel="noopener">Swiss Government Bank Launches XRP, ADA, SOL, AVAX &amp; DOT Trading</a> 
<h2 id="will-link-price-recover">Will LINK Price Recover?</h2> 
Despite the correction, the $12.5 price level has emerged as a critical support, as the price has bounced off this level multiple times. Should the LINK price manage to break above the overhead trendline, it would signal a continuation of the uptrend. On the flip side, a break below the lower trendline could indicate a prolonged correction and a shift in market sentiment. 
<figure id="attachment_205501" aria-describedby="caption-attachment-205501" style="width: 100%" class="wp-caption aligncenter">
 <img decoding="async" class="size-full wp-image-205501" src="https://coingape.com/wp-content/uploads/2024/07/J8v4LaMj.png" alt="" width="1824" height="799" srcset="https://coingape.com/wp-content/uploads/2024/07/J8v4LaMj.png 1824w, https://coingape.com/wp-content/uploads/2024/07/J8v4LaMj-300x131.png 300w, https://coingape.com/wp-content/uploads/2024/07/J8v4LaMj-1224x536.png 1224w, https://coingape.com/wp-content/uploads/2024/07/J8v4LaMj-768x336.png 768w, https://coingape.com/wp-content/uploads/2024/07/J8v4LaMj-1536x673.png 1536w, https://coingape.com/wp-content/uploads/2024/07/J8v4LaMj-150x66.png 150w" sizes="(max-width: 1824px) 100vw, 1824px">
 <figcaption id="caption-attachment-205501" class="wp-caption-text">
 Chainlink Price Analysis, Source: <a rel="nofollow" href="https://www.tradingview.com/x/J8v4LaMj/" target="_blank">Trading View</a>
 </figcaption>
</figure> 
These recent movements in LINK holdings and price trends highlight a potential turning point for the cryptocurrency. The substantial accumulation by new large holders suggests confidence in LINK’s future performance, even as the broader market undergoes consolidation. The fact that large holders are not rushing to sell off their assets at the current lower prices supports the notion of a bullish outlook. 
Furthermore, Michaël van de Poppe, a popular crypto analyst, spotlighted Chainlink’s resilience amid bearish trends. He noted that the LINK price always bounces back from lows. Moreover, he deemed <a href="https://coingape.com/binance-delists-these-pairs-for-shiba-inu-chainlink-memecoin-4-other-crypto/" target="_blank" rel="noopener">Chainlink</a>&nbsp;the “prime example” for altcoins that rebound swiftly after major corrections. 
In a post on X, Poppe stated that the LINK price “corrected in the first half of 2022, after which it surged by more than 120% in the second half of 2022. The same has occurred in 2023, resulting in a strong increase in price in the second half of the year of close to 150%.” 
He added, “The same is happening in 2024, where you can see that we’re having a case of strong downward momentum on the altcoins (Chainlink has corrected by more than sixty percent), while the second half seems apparent for a potential reversal.” The analyst concluded, “Nicely, you can see that you’ll be having a bottom in May/June, which, after the last big correction is the same occurrence again.” 
The post <a href="https://coingape.com/new-chainlink-whales-snap-up-30m-tokens-will-link-price-recover-21-monthly-loss/">Chainlink Whales Accumulate $30M Tokens, Will LINK Price Recover 21% Monthly Loss?</a> appeared first on <a href="https://coingape.com">CoinGape</a>.

Chainlink Whales Accumulate $30M Tokens, Will LINK Price Recover 21% Monthly Loss?

Table of Contents

Coingape News Media

Other articles published on Jul 2, 2024

Ripple (XRP) Price Poised for Potential Breakout as Sentiment Shifts and Volume Surges

Dogecoin (DOGE) Market Analysis: Is Now the Right Time to Invest in the Memecoin?

Hawaii Crypto Firms Now Exempted from Money Transmitter License in a Recent Regulatory Shift

German gov’t transfers another $52M in Bitcoin, threatening more BTC selling pressure

Crypto News Today: Why Are the Crypto Community Heavily Backing These 2 Coins?

Dan Gallagher as SEC Chair: a Boost for Crypto Regulation?

Join our free newsletter for daily crypto updates!