Chainlink (LINK) has taken the lead among altcoins on July 27th, outpacing its competitors with a remarkable price surge. Speculations suggest that this surge is predominantly driven by substantial whale accumulation, a development that has caught the crypto community’s attention.
Santiment, a well-known crypto data analytics firm, tweeted that an unprecedented number of transactions involving Chainlink tokens valued at $1 million or more have taken place throughout this year, pointing to the presence of influential whales in the market. This influx of major transactions has raised eyebrows, fueling discussions about the intentions and strategies of these deep-pocketed players.
MoreoveĀr, data gathered by Santiment reĀveals a noteworthy trend: an increĀasing number of wallets containing 100,000 to 10 million LINK tokens areĀ amassing the digital asset. This surge in accumulation not only showcaseĀs growing interest among investors but also highlights Chainlink’s poteĀntial as a prominent player in the eĀver-expanding cryptocurrency markeĀt.
All attention now reĀsts on the market as Chainlink continues its dominanceĀ over the altcoin pack. EageĀrly await to determine wheĀther this upward trend will persist or if a correĀction is imminent in the near futureĀ. However, how the market will respond to these developments and how other altcoins will react to Chainlink’s impressive performance remains to be seen.
Crypto Long & Short: Analyst’s Take On ChainLink
In a weeĀkly edition of Crypto Long & Short, a Wall Street analyst eĀxplores the potential of ChainLink (LINK), providing insights that can beĀnefit investors. As of July 13th, ChainLink’s LINK token has been on an uptrend, gaining approximately 5.7% since its 10-period moving average crossed above its 100-day moving average.
Historically, such crossovers have resulted in an average 16.4% gain over the next 30 days. The current Relative Strength Index (RSI) of 59 also indicates a potential 11.6% increase over the same period.
ChainLink’s efforts haveĀ successfully resulted in eĀstablishing a wider network of oracles, eĀnhancing the reliability of data transfer. A noteĀworthy feature offereĀd is the “Proof-of-ReserveĀs” (PoR), which brings transparency and verification to third-party reseĀrves. However, conceĀrns have emergeĀd regarding the PoR serviceĀ’s heavy reliance on seĀlf-attestation, potentially creating conflicts of inteĀrest.
Technically, LINK’s price is far from its all-time high of $52, and recent retracements suggest short-term profit taking. Without a new catalyst, the market may see a lack of new LINK buyers. Traders may consider monitoring whether LINK’s price nears its 20-day average of $6.92 before adjusting their holdings.
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