Chainlink (LINK) Gains Momentum as Whales and Sharks Accumulate
As the broader crypto market enters a consolidation phase, Chainlink (LINK) is moving in a different direction. Recent on-chain data reveals that both shark and whale addresses have been accumulating $10 million worth of LINK tokens over the past three days.
The significant shark tier, which consists of holders with 10,000 to 100,000 LINK tokens each, has been particularly active in accumulating. Currently, there are 3,127 wallets within this tier, the highest count since December 3, 2022, according to a report by Santiment.
Retail Investors May Drive Chainlink Price Rally to $10
An analysis of the data shows that approximately 67,300 addresses collectively acquired 557 million LINK tokens at an average price of $6.50. If these strategic retail investors align their trading activities with the bullish sentiments of larger holders, it could potentially push the Chainlink price rally to $10.
Hot Take
Chainlink’s recent accumulation by whales and sharks indicates strong confidence in the project. With the potential involvement of retail investors, the price rally could gather further momentum. Keep an eye on Chainlink as it continues to make bold moves in the crypto market.
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