- As the market traded sideways, LINK’s price rose 6%.
- The value of the token could exceed $16 as accumulation increases.
As it has done on many occasions, Chain link [LINK] is moving at a faster pace than other top altcoins. At the time of writing, LINK’s price was $15.72.
This was after it rose 6.61% in value in the past 24 hours. The increase was the highest among all assets in the top 20 by market capitalization.
But that wasn’t the only notable finding related to the cryptocurrency.
According to on-chain data provider Santiment, the 200 largest Chainlink whales have collected $50 million in tokens over the past five weeks.
🔗🐳 #Chain link anticipates the #altcoin back in the field, helped by the fact that the top whales continue to accumulate. The top 200 wallets added just over $50 million $LINK in ~5 weeks. Over five months, the market cap is +143% overall, and +93% versus +93%. #Bitcoin. https://t.co/HUjTnCY5c9 pic.twitter.com/oAPl9SQaJ5
— Santiment (@santimentfeed) December 2, 2023
Is LINK the reigning king?
The result of the peak in accumulation was reflected in the market capitalization. AMBCrypto’s evaluation of Chainlink showed that its market cap was $8.74 billion at the time of writing.
The increase in market capitalization is evidence that many LINKs have executed trades accompanied by a price increase.
Frankly, LINK’s performance has been spectacular all year long. In addition to outperforming many altcoins, the token has also outperformed Bitcoins [BTC] Year-to-Date (YTD) trend.
While BTC’s YTD performance was up 133.51%, LINK was higher at $179.55%.
LINK was able to reach this milestone thanks to the multiple times disconnected of the market trend, and rose naturally. Over the past seven days, AMBCrypto analysts have been observing what’s going on with Chainlink on-chain.
One area we focused on was the exchange activity. At the time of writing, LINK inflows amounted to 308 currencies.
In contrast, outflows in the currency markets amounted to 3867. Interestingly, outflows have far exceeded inflows over the past week.
Source: Santiment
This means that the intention to sell LINK was lower than the buying momentum. In a case like this, the value of the token can continue to rise.
The next stop could be higher
From a technical perspective, the LINK/USD 4-hour chart showed that the bias around the cryptocurrency was bullish. This inference is taken from the exponential moving average (EMA).
At the time of writing, the 20 EMA (blue) had crossed the 50 EMA (yellow). This crossover is known to precede a bullish trend. If it had been the other way around, the position would have been bearish.
So it’s possible that LINK will reach $16 direction short-term. If buying pressure is solid, the price could reverse expected value to the $18 region.
One of the bases for this prediction is accumulation/distribution (A/D).
Is your portfolio green? Check the LINK Profit Calculator
Based on the chart above, the A/D has increased to 27.10 million, indicating that there is more accumulation than distribution.
Should the bears fail to change their stance, LINK would have no choice but to trend higher.