Journalist
Posted:
- Whales have started collecting LINK in recent weeks.
- LINK’s price fell as on-chain metrics saw a decline.
New data from lookonchain has revealed significant accumulation activity from large addresses in the Chainlink [LINK] ecosystem.
A prominent whale initiated a substantial accumulation phase, with 417,834 LINKs withdrawn from Binance over the past two days.
Notably, this whale had previously purchased 641,386 LINKs at an average price of $7.4, and later sold them at an average price of $15.1, resulting in a profit of approximately $4.9 million.
Whales Interest in LINK is increasing
The increase in accumulation from large addresses indicates increased interest among whales in the LINK token. This activity raises questions about the potential impact on LINK’s price trajectory and market dynamics.
The smart money started piling up $LINK again and withdrew 417,834 $LINK($6.9 million) from #Binance in the past 2 days.
He previously bought 641,386 $LINK($4.77 million) at an average price of $7.4, and then sold it at an average price of $15.1, netting ~$4.9 million!https://t.co/1E0GIqVeBY pic.twitter.com/Opuvbm2yaM
— Lookonchain (@lookonchain) December 29, 2023
The accumulation of whales could have both positive and negative consequences for LINK.
On the plus side, increased accumulation often signals confidence among key investors, potentially driving up the token’s value.
On the negative side, however, large-scale sales of these whales could create selling pressure in the future, which could impact LINK’s price.
Looking at the statistics
When examining LINK’s price movement, it traded at $16.15, reflecting a decline of -5.28% in the last 24 hours. Despite this correction, the overall trend suggested a bullish trajectory, characterized by higher highs and higher lows.
Chainlink experienced a decline in network growth, indicating that interest from new addresses is waning. Furthermore, LINK’s velocity slowed, which meant a slowdown in overall trading activity around the token.
The MVRV ratio for LINK has shown growth in recent weeks, implying that holders remained profitable even during the correction. The decline in LINK’s price can be attributed to profitable holders capitalizing their gains by selling their holdings.
Read the one from Chainlink [LINK] Price forecast 2023-24
Increasing number of collaborations
Chainlink expanded its ecosystem through 14 integrations across nine different chains, including Arbitrum, Avax, BuildOnBase, BNBChain, Ethereum, Optimism, 0xPolygon, Polygon zkEVM, and zksync Era.
These collaborations signify Chainlink’s continued efforts to increase its presence and utility across various blockchain ecosystems.
⬡ Chainlink Adoption Update ⬡
There were 14 integrations out of 6 #Chain link services in 9 different chains: @arbitrum, @avax, @BuildOnBase, @BNBChain, @ethereum, @Optimism, @0xPolygonPolygon zkEVM, and @zksync Era.
New integrations include @APX_Finances, @ArchlyFinance,… pic.twitter.com/qzUhGqmslF
— Chainlink (@chainlink) December 17, 2023