Close Menu
  • News
    • Bitcoin
    • Altcoins
    • DeFi
    • Market Cap
  • Blockchain
  • Web 3
    • NFT
    • Metaverse
  • Regulation
  • Analysis
  • Learn
  • Blog
  • Contact
    • Tech7685@gmail.com
What's Hot

Trump Family touches Magic Eden with cease-and-desists about crypto-wallet plans: Bloomberg

2025-06-05

Solana flows the nail and possibly drags the price below $ 140, while the goal of $ 250 remains active

2025-06-05

Circle stock price Skyrockets 234% in less than 30 minutes, causing multiple commercial levels

2025-06-05
Facebook X (Twitter) Instagram
  • Contact
  • Terms & Conditions
  • Privacy Policy
  • DMCA
  • Advertise
  • Free.cc (Free Crypto)
Facebook X (Twitter) Instagram
Bitcoin Platform – Bitcoin | Altcoins | Blockchain | News Stories Updated Daily
  • News
    • Bitcoin
    • Altcoins
    • DeFi
    • Market Cap
  • Blockchain

    Maskdao acquires Orb.Club, which unlocks virality in the chain to stimulate the creator economy

    2025-06-05

    $ 650 million bridged to Solana in May, with $ 400 million contributing to Ethereum

    2025-06-05

    SFT protocol works together with Manuspay to stimulate the Echt-Wold Depin Utility in Web3 payments

    2025-06-05

    New Solana -Tool repairs the KYC bottleneck

    2025-06-05

    Consensys acquires Web3Auth to reinvent Metamask onboarding

    2025-06-04
  • Web 3
    • NFT
    • Metaverse
  • Regulation

    Hong Kong Reading to legalize Bitcoin and Crypto derivatives in PURT to Web3 leadership

    2025-06-05

    US-based ETFs that set for growth, despite some regulatory, macro-tailwinds

    2025-06-04

    NYSE ARCA submits to mention Truth Social’s Spot Bitcoin ETF

    2025-06-03

    Donald Trump Jr. says that family came in crypto after he was degraded, realizing the financial system was ‘Pyramid Scheme’

    2025-06-03

    Dubai Crypto ambitions rise with Solana and Ripple Moves

    2025-06-03
  • Analysis

    Circle stock price Skyrockets 234% in less than 30 minutes, causing multiple commercial levels

    2025-06-05

    Here are the two most important graphs in the entire macro, according to the former Goldman Sachs director Raoul Pal

    2025-06-05

    Price slips further, investors on Edge

    2025-06-05

    XRPL is confronted

    2025-06-05

    Analyst says that the Solana-based memecoin institution phase for ‘full parabola’ predicts new of all time for one active

    2025-06-05
  • Learn

    What Are Liquidity Pools? A Beginner’s Guide

    2025-06-05

    What Is Yield Farming and How Does It Work?

    2025-06-02

    What Is Asset Tokenization? How It Works and Why It’s Important

    2025-05-30

    What Is DeFi 2.0 and Why It Matters

    2025-05-27

    Crypto Margin Trading: How It Works and How to Manage the Risks

    2025-05-26
  • Blog
  • Contact
    • Tech7685@gmail.com
Bitcoin Platform – Bitcoin | Altcoins | Blockchain | News Stories Updated Daily
Home»Altcoins»Why Chainlink caught the attention of whales was bad for Synthetix
Altcoins

Why Chainlink caught the attention of whales was bad for Synthetix

2023-09-24No Comments4 Mins Read
Share
Facebook Twitter LinkedIn Pinterest Email


  • SNX fell 8% in the last 24 hours and the indicators were bearish.
  • Whales bought LINK as the price rose over 15% last week.

The crypto market has been behaving strangely lately as some cryptos managed to paint their charts green while the rest bled red. Among the winners, Chain link [LINK] was among the assets that have soared in recent days. While LINK investors rejoiced, Synthetic [SNX] whales lost confidence in the token.


Read Chainlink’s [LINK] Price prediction 2023-24


The selling pressure on Synthetix is ​​high

Lookonchain’s recent tweet highlighted that a whale was dumping its SNX holdings. According to the tweet, a whale sold more than 2 million SNX, worth about $4 million, on Binance at a loss of almost $785,000.

The whale had spent 4.9 million USDT to purchase the SNX tokens at a price of $2.44 on May 18, 2023.

One whale dumped 2,015,264 whales $SNX ($4 million) op #Binance with a loss of ~$785K an hour ago.

The whale spent 4.9 million $USDT to buy 2,015,264 $SNX at a price of $2.44 on May 18.https://t.co/ADsVsNcCYb pic.twitter.com/TtJhyNanWZ

— Lookonchain (@lookonchain) September 23, 2023

This episode clearly suggested that whales were losing confidence in Synthetix as they expected the token’s price to drop in the coming days.

In fact, the decline has already begun, as in the last 24 hours alone the price of the token fell by almost 8%. The downtrend was accompanied by a more than 100% increase in SNX trading volume, further legitimizing the price drop.

According to CoinMarketCapAt the time of writing, SNX was trading at $1.98 with a market cap of over $534 million. A look at the token’s daily chart provided a better understanding of what was going on.

See also  Stacks (STX) is down 23%, but recent developers may slow the trend

Most market indicators supported the sellers as the MACD showed a bearish crossover, which could spell trouble in the coming days. Not only that, but SNX‘s Chaikin Money Flow (CMF) fell sharply.

The Relative Strength Index (RSI) also remained below the neutral level of 50, further increasing the likelihood of a sustained price decline. Nevertheless, Synthetix’s Money Flow Index (MFI) provided some much-needed hope as it registered a slight increase on August 24, 2023.

Source: TradingView

Chainlink steals the spotlight

Interestingly, while the aforementioned whale sold SNX, he then bought LINK, expecting the token’s price to rise further. According to Lookonchain’s tweet, after the sale of Synthetix, the whale bought 569,907 CLUTCHworth $4 million.

This whale has been sold $SNX and then bought 569,907 $LINK ($4M) back.

This whale spent $1.41 million to buy 174,138 $LINK earlier and sold for $1.18M, ​​at a loss of ~227K.https://t.co/U6ZQRBHB4J pic.twitter.com/NB4BzIPB3h

— Lookonchain (@lookonchain) September 23, 2023

Interestingly, other major players also increased their LINK holdings. This was evident from the Whalestats report. facts, which showed that LINK ranked tenth on the list of cryptos that the top 100 ETH whales bought in the last 24 hours.

In fact, whale activity around LINK has been high as the number of whale transactions increased over the past seven days. The supply of LINK on the exchanges decreased last week, while the supply outside the exchanges increased.

Source: Santiment

This clearly meant that buying pressure on LINK was high, which could result in a further price increase. According to CoinMarketCapLINK’s price had already risen by more than 15% in the past seven days, along with a significant increase in trading volume.

See also  Is It Time to Buy Bitcoin After the Whales Lose Their Positions?

At the time of writing, LINK was trading at $7.13 with a market cap of over $3.9 billion.

Chainlink’s earnings growth could last longer as several of its on-chain metrics looked bullish on the token. For example, LINK’s MVRV ratio rose sharply last week.


Realistic or not, here it is LINK market cap in BTC‘s conditions


Network growth was also high, meaning more new addresses were created to transfer the token. Moreover, CLUTCH demand also remained in the derivatives market, as evidenced by the green Binance funding rate.

Source: Santiment

CryptoQuant also showed some concerns facts as it showed that both the Relative Strength Index (RSI) and LINK’s stochastic index were in overbought positions. This could increase selling pressure in the coming days, putting an end to LINK’s bull rally.



Source link

attention Bad Caught Chainlink Synthetix Whales
Share. Facebook Twitter Pinterest LinkedIn Tumblr Email

Related Posts

Solana flows the nail and possibly drags the price below $ 140, while the goal of $ 250 remains active

2025-06-05

Railgun Crypto pumps 30% after the transaction of Vitalik Buterin – What is waiting for us?

2025-06-05

Ethereum reflects Bitcoin 2020 Breakout Setup – Historic Run Income?

2025-06-05

The President Lee van Zuid -Korea reveals why Crypto is a ‘national growth motor’

2025-06-05
Add A Comment

Comments are closed.

Top Posts

Bitcoin Shows a Bearish Signal as Miners Offload $175,000,000 in BTC: Crypto Strategist

2023-11-12

Solv Protocol Announces Integration of Babylon’s Residual Yield into SolvBTC

2024-05-06

Ethereum dominates NFT sales despite overall market decline

2024-05-25
Editors Picks

DeFi Total Value Locked Drops 14% in August and NFT Trading Volume Drops 16%: DappRadar

2024-09-06

XRP Price Rise Continues, Analyst Targets $1.9 With Next Rise

2024-11-27

Indicators suggest the next stop could be $53,541

2024-09-04

The world’s most expensive typo…

2023-11-28

Our mission is to develop a community of people who try to make financially sound decisions. The website strives to educate individuals in making wise choices about Cryptocurrencies, Defi, NFT, Metaverse and more.

We're social. Connect with us:

Facebook X (Twitter) Instagram Pinterest YouTube
Top Insights

Trump Family touches Magic Eden with cease-and-desists about crypto-wallet plans: Bloomberg

Solana flows the nail and possibly drags the price below $ 140, while the goal of $ 250 remains active

Circle stock price Skyrockets 234% in less than 30 minutes, causing multiple commercial levels

Get Informed

Subscribe to Updates

Get the latest news and Update from Bitcoin Platform about Crypto, Metaverse, NFT and more.

  • Contact
  • Terms & Conditions
  • Privacy Policy
  • DMCA
  • Advertise
  • Free.cc (Free Crypto)
© 2025 Bitcoinplatform.com - All rights reserved.

Type above and press Enter to search. Press Esc to cancel.

  • bitcoinBitcoin(BTC)$100,566.49-3.92%
  • ethereumEthereum(ETH)$2,405.52-7.67%
  • tetherTether USDt(USDT)$1.00-0.02%
  • rippleXRP(XRP)$2.07-5.94%
  • binancecoinBNB(BNB)$628.19-5.48%
  • solanaSolana(SOL)$142.36-7.85%
  • usd-coinUSDC(USDC)$1.000.02%
  • dogecoinDogecoin(DOGE)$0.170025-9.76%
  • tronTRON(TRX)$0.266885-2.46%
  • cardanoCardano(ADA)$0.62-6.71%
  • hyperliquidHyperliquid(HYPE)$32.89-6.04%
  • suiSui(SUI)$2.89-9.38%
  • chainlinkChainlink(LINK)$12.72-7.74%
  • unus-sed-leoUNUS SED LEO(LEO)$8.85-1.47%
  • stellarStellar(XLM)$0.253383-4.97%
  • avalanche-2Avalanche(AVAX)$18.62-7.83%
  • bitcoin-cashBitcoin Cash(BCH)$381.28-5.01%
  • the-open-networkToncoin(TON)$3.02-4.56%
  • shiba-inuShiba Inu(SHIB)$0.000012-6.43%
  • hedera-hashgraphHedera(HBAR)$0.157018-6.03%
  • litecoinLitecoin(LTC)$82.81-6.04%
  • polkadotPolkadot(DOT)$3.78-5.76%
  • ethena-usdeEthena USDe(USDE)$1.00-0.06%
  • moneroMonero(XMR)$311.58-0.67%
  • daiDai(DAI)$1.000.00%
  • bitget-tokenBitget Token(BGB)$4.52-5.28%
  • piPi(PI)$0.60-6.13%
  • pepePepe(PEPE)$0.000010-12.02%
  • uniswapUniswap(UNI)$5.87-6.84%
  • aaveAave(AAVE)$241.32-8.71%
  • bittensorBittensor(TAO)$350.66-8.18%
  • okbOKB(OKB)$49.94-0.04%
  • crypto-com-chainCronos(CRO)$0.096194-4.04%
  • aptosAptos(APT)$4.47-6.60%
  • nearNEAR Protocol(NEAR)$2.24-8.00%
  • internet-computerInternet Computer(ICP)$4.82-7.44%
  • ethereum-classicEthereum Classic(ETC)$16.24-5.60%
  • ondo-financeOndo(ONDO)$0.76-8.00%
  • gatechain-tokenGateToken(GT)$18.19-5.15%
  • usd1World Liberty Financial USD(USD1)$1.000.00%
  • mantleMantle(MNT)$0.63-5.72%
  • kaspaKaspa(KAS)$0.080051-3.58%
  • polygon-ecosystem-tokenPOL (prev. MATIC)(POL)$0.196268-8.13%
  • vechainVeChain(VET)$0.022357-6.60%
  • official-trumpOFFICIAL TRUMP(TRUMP)$9.55-11.52%
  • render-tokenRender(RENDER)$3.49-6.72%
  • ethenaEthena(ENA)$0.287837-8.87%
  • artificial-superintelligence-allianceArtificial Superintelligence Alliance(FET)$0.72-8.81%
  • worldcoin-wldWorldcoin(WLD)$1.02-10.75%
  • cosmosCosmos(ATOM)$4.06-4.90%
  • bitcoinBitcoin(BTC)$100,566.49-3.92%
  • ethereumEthereum(ETH)$2,405.52-7.67%
  • tetherTether USDt(USDT)$1.00-0.02%
  • rippleXRP(XRP)$2.07-5.94%
  • binancecoinBNB(BNB)$628.19-5.48%
  • solanaSolana(SOL)$142.36-7.85%
  • usd-coinUSDC(USDC)$1.000.02%
  • dogecoinDogecoin(DOGE)$0.170025-9.76%
  • tronTRON(TRX)$0.266885-2.46%
  • cardanoCardano(ADA)$0.62-6.71%
  • hyperliquidHyperliquid(HYPE)$32.89-6.04%
  • suiSui(SUI)$2.89-9.38%
  • chainlinkChainlink(LINK)$12.72-7.74%
  • unus-sed-leoUNUS SED LEO(LEO)$8.85-1.47%
  • stellarStellar(XLM)$0.253383-4.97%
  • avalanche-2Avalanche(AVAX)$18.62-7.83%
  • bitcoin-cashBitcoin Cash(BCH)$381.28-5.01%
  • the-open-networkToncoin(TON)$3.02-4.56%
  • shiba-inuShiba Inu(SHIB)$0.000012-6.43%
  • hedera-hashgraphHedera(HBAR)$0.157018-6.03%
  • litecoinLitecoin(LTC)$82.81-6.04%
  • polkadotPolkadot(DOT)$3.78-5.76%
  • ethena-usdeEthena USDe(USDE)$1.00-0.06%
  • moneroMonero(XMR)$311.58-0.67%
  • daiDai(DAI)$1.000.00%
  • bitget-tokenBitget Token(BGB)$4.52-5.28%
  • piPi(PI)$0.60-6.13%
  • pepePepe(PEPE)$0.000010-12.02%
  • uniswapUniswap(UNI)$5.87-6.84%
  • aaveAave(AAVE)$241.32-8.71%
  • bittensorBittensor(TAO)$350.66-8.18%
  • okbOKB(OKB)$49.94-0.04%
  • crypto-com-chainCronos(CRO)$0.096194-4.04%
  • aptosAptos(APT)$4.47-6.60%
  • nearNEAR Protocol(NEAR)$2.24-8.00%
  • internet-computerInternet Computer(ICP)$4.82-7.44%
  • ethereum-classicEthereum Classic(ETC)$16.24-5.60%
  • ondo-financeOndo(ONDO)$0.76-8.00%
  • gatechain-tokenGateToken(GT)$18.19-5.15%
  • usd1World Liberty Financial USD(USD1)$1.000.00%
  • mantleMantle(MNT)$0.63-5.72%
  • kaspaKaspa(KAS)$0.080051-3.58%
  • polygon-ecosystem-tokenPOL (prev. MATIC)(POL)$0.196268-8.13%
  • vechainVeChain(VET)$0.022357-6.60%
  • official-trumpOFFICIAL TRUMP(TRUMP)$9.55-11.52%
  • render-tokenRender(RENDER)$3.49-6.72%
  • ethenaEthena(ENA)$0.287837-8.87%
  • artificial-superintelligence-allianceArtificial Superintelligence Alliance(FET)$0.72-8.81%
  • worldcoin-wldWorldcoin(WLD)$1.02-10.75%
  • cosmosCosmos(ATOM)$4.06-4.90%