Chainlink Whales Showed Activity Before LINK’s Surge
An analyst has pointed out that Chainlink whales and institutional investors have been increasingly active recently. This is based on the “large transactions volume” indicator from the market intelligence platform IntoTheBlock, which tracks Chainlink transactions larger than $100,000.
Whales and institutional entities are the only ones capable of moving such large amounts in a single transaction. Their activity can have a significant impact on the network due to their large wallet balances.
A high value of this metric indicates that these investors are currently moving large amounts, suggesting participation in trading activity. However, it doesn’t specify whether it’s buying or selling.
Conversely, low values suggest a lack of interest from whales and institutional players. The chart below illustrates the trend in Chainlink’s large transaction volume over the past weeks:
LINK Price
Currently, Chainlink is trading around $0.74, with a more than 3% increase in the past week.
Hot Take: Chainlink Whales Fuel Speculation
The recent surge in Chainlink’s price has coincided with increased activity from whales and institutional investors. While it’s difficult to determine their exact intentions, their movement of large amounts suggests active participation in trading. This could indicate potential volatility ahead for Chainlink. However, it’s important to note that future spikes could arise from both buying and selling, so they may not necessarily signal a bullish trend. As the market continues to watch for further activity from these influential holders, the LINK price remains on an upward trajectory for now.
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