Altcoin
This Altcoin is Under Whales Attack! Will the Price Rise Again?
Chainlink (LINK), one of the altcoins projects which continues to attract the attention of major investors lately, seems to be in the sights of whales. Over the past 30 days, new whale wallets have accumulated over 2 million LINK tokens despite the price decline. This development raises curiosity about whether LINK’s price could recover. Here are the details…
Whales are on the move for this altcoin
According to on-chain analytics platform Lookonchain, new activations wallets have withdrawn 2.08 million LINK tokens worth approximately $30.28 million from Binance. This shows the continued interest in LINK from large investors. Current whale holders have also refrained from transferring their holdings to exchanges and selling them over the past month.
These movements are closely related to the price trends of LINK. current The price has fallen 30 percent in the last 21 days to $14.61. Along with the price decline, net flows of large investors into exchanges have also fallen by 110 percent. This indicates that large investors are accumulating instead of selling.
Price Analysis and Key Support Levels
According to the current market analysesLINK $12.5 level stands out as a major support point. The price has bounced off this level many times. If LINK manages to break through this level, it could signal the continuation of the uptrend. However, a break below the lower trend line could mean a prolonged correction and a change in market sentiment.
The analysis based on the market value to realized value (MVRV) ratio suggests that current conditions could present a purchase opportunities for the altcoin. This increases the expectation for investors that the price will rebound.
Altcoin Whale Buying Strategy
The fact that new large investors are picking up LINK is an indication of confidence in the future performance of the cryptocurrency. These investors are refraining from moving their assets to exchanges at current low prices. This shows that bullish expectations prevail in the market.
Chainlink’s medium-term trend is supported by an ascending trend line. However, the coin has entered a correction phase amidst the overall market consolidation. This suggests that buyers currently lack the resources needed. quantity of motion to reach new highs.
Analysts’ Opinions and Future Prospects
As we mentioned on Kriptokoin.com, Michaël van de Poppe is an analyst who stands out for his expert views on the cryptocurrency markets. Michaël van de Poppe says that Chainlink is resistant to downtrends. Van de Poppe points out that the price of LINK always bounces off the lows. He notes that after the correction in the first half of 2022, the price increased by more than 120 percent in the second half.
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