Chainlink (LINK) Whales Accumulate $77 Million Amid Market Turbulence ?
Despite recent volatility in the crypto market triggered by external factors, Chainlink (LINK) whales have been actively accumulating more of the digital asset. This influx of funds, totaling over $77 million, signals a renewed sense of confidence among large holders even in the face of a broader market downturn.
Whale Activity Signals Bullish Sentiment ?
- Whales have added more than 6.2 million LINK to their portfolios in the past week.
- This accumulation is equivalent to approximately $76.88 million at current prices.
- The increased LINK holdings among whales suggest a positive outlook on the future performance of the asset.
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Analysts and experts in the crypto space have also pointed to several key indicators supporting a potential bullish trajectory for Chainlink:
Positive On-Chain Metrics and Market Dynamics ?
- The supply of LINK on exchanges has decreased by nearly 3% in the last two weeks, reducing selling pressure on the asset.
- The 30-day Market Value to Realized Value (MVRV) ratio currently stands at -9.34%, a level historically associated with price reversals.
- Realized losses by traders have exceeded $47 million from late June to early July, indicating a possible phase of capitulation before a recovery.
Encouraging Technical Analysis Signals ?
- Technical analysis suggests that Chainlink (LINK) could experience a strong recovery if it climbs back to the $13.84 level, which aligns with the 23.6% Fibonacci retracement from its recent peak in March to its July low.
- The asset has also dipped into the Fair Value Gap (FGV) between $11.62 and $12.11, indicating a gathering of liquidity before potentially reaching the next target range of $13.73 to $14.24.
