Crypto Analytics Firm Reports Large Chainlink Holders Accumulating $38.5 Million in One Week
Crypto analytics firm Santiment has revealed that large wallets are actively acquiring Chainlink (LINK), the native asset of the decentralized oracle network. According to Santiment, addresses holding between 100,000 and 1 million LINK have accumulated approximately $38.5 million worth of the cryptocurrency in the past week. The firm emphasizes that these significant moves by major holders are more significant than small retail traders taking profits.
Another crypto analytics platform, IntoTheBlock, reports that large holders have acquired around $121 million worth of LINK in the past month.
Crypto analyst Michaël van de Poppe believes that Chainlink is beginning a new uptrend. He suggests that traders should not be overly concerned about LINK’s recent correction, which saw a price decrease of nearly 10% from its late September high of $8.23. Van de Poppe states that as long as Chainlink remains above the $6.70-7.00 range, a breakout to the upside is likely.
LINK is currently trading at $7.42 and has experienced a gain of over 20% in the past 30 days. Pseudonymous analyst Altcoin Sherpa has predicted that LINK, which has been in an accumulation range for over 500 days, will eventually surge.
Hot Take: Chainlink’s Large Holder Accumulation Signals Bullish Trend
As large wallets continue to accumulate Chainlink (LINK), it suggests a bullish trend for the cryptocurrency. Crypto analytics firm Santiment’s data reveals that major holders have acquired $38.5 million worth of LINK in just one week. This accumulation by significant players is considered more important than small retail traders taking profits. Additionally, another crypto analytics platform, IntoTheBlock, reports that large holders have acquired $121 million worth of LINK in the past month. Analysts such as Michaël van de Poppe and Altcoin Sherpa predict a positive future for LINK, with van de Poppe stating that a breakout to the upside is likely if LINK remains above a certain price range. With a gain of over 20% in the past 30 days, LINK’s current trading price is $7.42.
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