Chainlink’s key stakeholders, holding between 10,000 to 1 million LINK tokens, have been on a major accumulation spree during the current suppressed market conditions. According to data from Santiment, since June 24th, these stakeholders have collectively added 9.2 million LINK to their holdings, marking a 4.65% increase.
Parallel to this, analytics firm Intotheblock has reported that Chainlink’s exchange netflows have been negative over the past two weeks. Approximately $110 million worth of LINK has been withdrawn from exchanges during this period.
This pattern typically indicates an accumulation phase, as investors move their holdings off exchanges into more secure, long-term storage, suggesting they are betting on future price increases.
On the price front, CoinMarketCap data reveals that Chainlink is currently trading at $13.00 with a 24-hour trading volume of $279 million. The token has seen a 4.75% rise in the last 24 hours, pushing its market cap to $7 billion.
Chainlink secures its position as the 15th largest cryptocurrency by market capitalization. This price movement and increased trading activity hint at a potential bottoming out of LINK’s price, encouraging more significant stakeholders to increase their positions.
Market Analysts Bullish on Chainlink (LINK)
Chainlink often finds a seasonal bottom in June each year, according to prominent crypto analyst Michaël van de Poppe. He believes that 2024 could repeat this pattern, and LINK could start rising from there. Ali, another analyst, explains some critical technical levels to monitor.
Data released by Intotheblock shows that if LINK maintains its level above $12.52, it might face strong resistance at the $14.44 region. If this resistance is broken through, LINK may possibly soar higher, probably bumping into the $15.50 mark.
These are some factors as per Chainlink’s bullish case for the short-term – whales buying big time, negative exchange net flows, and technical analysis predictions coming together, thus bullish for Chainlink in near future.
As long as these whales continue to accumulate more and more coins while market sentiment starts recovering, investors will keep a close eye on how LINK moves so that they can profit from these trends.
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