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.
Moreover, data gathered by Santiment reveals a noteworthy trend: an increasing number of wallets containing 100,000 to 10 million LINK tokens are amassing the digital asset. This surge in accumulation not only showcases growing interest among investors but also highlights Chainlink’s potential as a prominent player in the ever-expanding cryptocurrency market.
All attention now rests on the market as Chainlink continues its dominance over the altcoin pack. Eagerly await to determine whether this upward trend will persist or if a correction is imminent in the near future. 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 weekly edition of Crypto Long & Short, a Wall Street analyst explores the potential of ChainLink (LINK), providing insights that can benefit 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 have successfully resulted in establishing a wider network of oracles, enhancing the reliability of data transfer. A noteworthy feature offered is the “Proof-of-Reserves” (PoR), which brings transparency and verification to third-party reserves. However, concerns have emerged regarding the PoR service’s heavy reliance on self-attestation, potentially creating conflicts of interest.
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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