Chainlink [LINK] marines have been one of the most crucial drivers in securing the top position for the coin in the cryptocurrency ladder. Over the past couple of months, despite shying away from any kind of explosive movement, the token has maintained a steady bullish decorum along with its peer altcoins.
However, in the recent downside correction, an investor reaped grabbled the opportunity to reap some profits. As revealed by the crypto analytic platform, Santiment, over the weekend, 4million LINK were observed to be transferred in a single transaction from one centralized exchange address to another. This occasioned with Chainlink’s price bottom at $11.38.
Furthermore, the transaction was worth $49.97 million, and the address reportedly accumulated approximately 1.9 million more tokens over the next day before gradually selling off as LINK’s value surged. Santiment noted,
“It looks like this address, successfully added before the rise and sold off preceding the drop-off”
Firstly, this essentially meant that $11.38 forms critical support for the coin and the market participants in the Chainlink ecosystem do not expect the price to breach this level any time soon.
Chainlink: Bullish Metrics Support Price Rise
It is also important to note that most of the addresses are in the money, a crucial indicator that the price has high buying pressure, as noted by ITB’s Global In/Out of the Money. The addresses’ positions cluster at $11.38 formed crucial support around these price levels.
As compiled by the latest ITB charts, Chainlink’s Net Network Growth, which essentially measures the change in the total number of addresses for a particular crypto-asset, also depicted a highly bullish picture.
In addition, over the last 7days, the token’s total exchange outflow was found to be at $183.76 million as compared to the total exchange inflow which stood at $146.6 million. This metric interpreted that the users were going long and opting to hold their crypto outside centralized exchanges.
Of late, Chainlink has become a popular decentralized oracle network. Having rapidly evolved into a widely-accepted standard in the blockchain industry, several notable platforms such as Fetch.ai and Blockstack among many others have announced integration.