Chainlink Whales Accumulate Ahead of Price Surge
Chainlink (LINK) whales recently orchestrated strategic maneuvers, accumulating a substantial number of tokens before a significant surge in price. A Santiment report disclosed that these whales initiated the accumulation process around October 17th when the token's value hovered at approximately $7.
Whale Accumulation Details
During this period, Chainlink whales amassed a staggering 40 million LINK tokens, witnessing a surge in total holdings from around 693 million to over 736 million. The cumulative volume held by these prominent addresses reached 741 million, as reported by CoinMarketCap, considering the total LINK supply standing at 1 billion.
Surge in Whale Transactions
Further analysis of Chainlink's whale transactions, involving amounts exceeding $100,000, indicated a substantial increase in activity towards the end of October. Transaction numbers, which previously remained below 100, experienced a noteworthy uptick, surpassing 500 by November 9th—marking the highest observed in over a year. Despite a slight decrease, the figure remains elevated compared to the majority of the year, signifying a surge in high-volume transactions during this period.
Current LINK Status
At the time of the latest update, LINK's price experienced correction after an initial surge of over 8%. The subsequent 2.9% decrease brought the price to approximately $14.4, with a further reduction of over 1%, resulting in a press time trading price of about $14.2.
Technical Indicators and Trend Analysis
Despite the decline, LINK displayed bullish indicators, with the Relative Strength Index (RSI) above 50 and the Moving Average Convergence Divergence (MACD) above one. However, signs of a weakening bull trend emerged in response to the ongoing price decline.
While the data presents intriguing patterns, it's crucial to approach the evolving situation with a critical eye, considering the potential impact of the ongoing price adjustments on Chainlink's market dynamics.
Sanya
