Chainlink whales accumulate 15 million tokens worth $165 million. Link has surged by 21. 28% over the past month
has experienced significant gains on its price charts over the past month. After hitting a local low of $10, the altcoin has surged to reach a local high of $15.36.According to Santiment, Chainlink whales have been actively accumulating over the past two months. As such, over this period, they have accumulated over 15 million Link tokens worth around $165 million.
When whales go on a buying spree, it reflects the overall market confidence. As such, this suggests that large holders are optimistic about a potential rally.Notably, this market confidence among large holders was also evidenced by the fact that large holders’ netflow has turned positive after a sharp decline. This shows that there are more large holders accumulating than those selling.Additionally, we can also see this trend in regard to exchange outflow volume.
Therefore, the rise in whale accumulation is occurring within a broader market that’s highly bullish and anticipates gains on price charts.Looking at the overall trends over the past month, it would be true to say that increased accumulation by whales and holding by retail traders, has had a positive impact on Link price charts.
As such Chainlink has surged by 21.28% over the past month to trade at $13.39. This bullish trend has maintained on weekly charts rising by 12.35%.However, the altcoin has seen a shift in trend on daily charts declining by 10.82%. Despite this drop, the overall market sentiment is bullish as observed above.
Therefore, if these positive sentiments hold, LINK will break out of the $15 resistance level where it has faced multiple rejections. Consequently, if the drop in daily charts gives sellers market control, we could see a decline to reach a critical support level at $10.Gladys is a passionate crypto-enthusiast and price analyst. With 3 years of experience in the blockchain space, she's well aware of the prevailing market trends.
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