Chainlink whale transactions hit a 2023 high as prices fell to a 3-year low of $5.00.
A similar accumulation trend was also plotted on Santiment’s chart. As per the data, Chainlink’s supply on exchanges went down. This was accompanied by an increase in its supply outside of exchanges, which is bullish.
Moreover, the total number of LINK holders also went up slightly, reflecting investors’ confidence in the token.The whale activity soon showed its impact on LINK’s price chart, as its value increased by more than 3% in the last 24 hours. As per, at the time of writing, LINK was trading at $5.38 with a market capitalization of over $2.7 billion.
A look at LINK’s daily chart revealed quite a few bullish market indicators as well. For instance, Chainlink’s Money Flow Index registered an uptick. Its Chaikin Money Flow also followed the same trend, increasing the chances of a continued price surge. ’s Relative Strength Index also went up from the oversold zone, which was a bullish signal. However, the Exponential Moving Average Ribbon displayed a bearish advantage.Though the EMA Ribbon was bearish on LINK, its on-chain performance looked promising. Chainlink’s daily active addresses spiked last week, which was accompanied by a rise in its network growth. Additionally, LINK’s MVRV Ratio showed signs of recovery as evident from the uptick, which was a bullish sign.
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