Bitcoin

Chainlink

Chainlink (LINK) whales have notably increased their holdings in recent weeks, reaching levels not seen since November 2023. Despite a drop of 18% in LINK’s value over the past month, these whales have accumulated over 6 million tokens, worth more than $75 million, in just the last week.JOIN CRYPTOS HEADLINES<a href="https://t.me/CryptosHeadlines" rel="noopener noreferrer nofollow">TELEGRAM CHANNEL</a><img src="https://academy-public.coinmarketcap.com/optimized-uploads/6333730337c44f3ebb9e15571eb955a4.svg&#43;xml" />Surge in whale activity comes amid a broader bearish market sentiment, with LINK’s price currently trading at $12.49. The recent decline in value has created an opportunity for large investors to “buy the dip,” as LINK’s price could potentially fall further to $11.11. The increased accumulation by whales highlights their confidence in the long-term potential of LINK, despite short-term market challenges.<img src="https://academy-public.coinmarketcap.com/optimized-uploads/7d5779b53eeb4faa89094f275e2f4080.png" /><h3 id="link-whale-activity-suggests-buying-opportunity">LINK Whale Activity Suggests Buying Opportunity</h3>On-chain data from Santiment reveal that LINK whales have been particularly active in recent weeks. Since June 20, the number of LINK addresses holding between 10,000 and 1,000,000 tokens has steadily increased, reaching 3,474 addresses—a 3.3% rise and the highest number since November 2023. During the last week alone, these whales have accumulated over 6 million LINK tokens, valued at more than $75 million, and now hold 21% of the token’s total circulating supply.The uptick in whale accumulation amid a price decline indicates that these large investors believe LINK is undervalued and are confident in its potential for a rally. The market value to realized value (MVRV) ratio further supports this view. Current MVRV ratios show negative values for various moving averages, with the 30-day and 90-day MVRV ratios at -6.71% and -12.93%, respectively.<a href="https://cryptosheadlines.com/shiba-inu-shib-soars-439-9-in-key-metric/" rel="noopener noreferrer nofollow">Also Read: Shiba Inu (SHIB) Soars 439.9% in Key Metric</a><img src="https://academy-public.coinmarketcap.com/optimized-uploads/f2b56ec546cf42e19e4f59f27a80b85a.webp" />Chainlink MVRV Ratio. Source: <a href="https://app.santiment.net/" rel="noopener noreferrer nofollow">Santiment</a>The MVRV ratio measures the difference between an asset’s current market price and the average price at which it was acquired. Negative MVRV ratios suggest that LINK is trading below its average acquisition cost, presenting a buying opportunity. Historically, such undervaluation can be a signal for traders to buy at a lower price with the expectation of selling at a higher value.Chainlink (LINK) Faces Bearish Bias Despite Buy Signal<img src="https://academy-public.coinmarketcap.com/optimized-uploads/7d5779b53eeb4faa89094f275e2f4080.png" />Chainlink (LINK) is currently flashing a buy signal, but it faces a significant bearish bias that poses a risk of further devaluation. At present, the Parabolic Stop and Reverse (SAR) indicator shows its dots positioned above LINK’s price. This setup suggests that the market is in a downward trend and could continue to decline, with LINK potentially falling to $11.11 if the trend persists.<img src="https://academy-public.coinmarketcap.com/optimized-uploads/2baf724a0f4445a5846fde6b4de00489.webp" />Chainlink Analysis. Source: <a href="https://www.tradingview.com/chart/YPi5Nlku/?symbol&#61;BINANCE%3AXRPUSDT" rel="noopener noreferrer nofollow">TradingView</a>However, LINK’s prospects could improve if whale activity continues. The accumulation by large investors may boost market sentiment and encourage smaller investors to hold or buy more, potentially leading to a price recovery. Should this positive shift occur, LINK’s price could rise to $13.02.<img src="https://academy-public.coinmarketcap.com/optimized-uploads/81405e30405a4357ac23d82f3a38ab4e.png" />Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.

Chainlink (LINK) Whales Boost Holdings Amid Price Drop

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