Chainlink holders have continued to accumulate LINK in a manner that shows their confidence in the long-term future of Chainlink price
Despite the recent sell-off from $13.27 to $12.15, LINK bulls remain in control of the daily uptrend. Chainlink price established a higher high at $14.56 and a higher low at $12.31 compared to previous levels. But at press time, due to market influence, LINK was down almost 3% on the day, trading around $ 11.85. Meanwhile, in another development, the number of ChainLink whales with 10 million or more LINK has increased from 9 to 10.
LINK/USD 4-hour chart | Source: TradingView
The number of ChainLink whales with 10 Million or more LINK has increased from 9 to 10, affect Chainlink price?
According to Santiment, Chainlink investors are being honest with their reputation. Furthermore, there is no evidence of an investor’s investment as the crypto market is affected by Bitcoin pumping. The team at Santiment shared their observations of ChainLink investors through the following statement.
🐳 The amount of large addresses holding #Chainlink has grown, with no capitulation signs despite this #altcoin dip. Not pictured are 10M+ holders, which increased from 9 to 10 yesterday. $LINK marines appear to be holding true to their patient reputation. https://t.co/cZraly5Zfa https://t.co/JSRtJSPWGp
— Santiment (@santimentfeed) December 22, 2020
Furthermore, Chainlink’s percent of supply sitting on exchanges is down to 7.1%, the lowest supply amount on exchanges since its ICO in September 2017. Additionally, the single largest daily move off exchanges (0.14%) of $ LINK’s supply since November 9th.
2) single largest daily move off exchanges (0.14%) of $LINK‘s supply since November 9th.
For more exchange-related metrics that shows what price movement is in store over the coming weeks and months, try a PRO account with us for 2 weeks free! https://t.co/tzLnB8Hclh
— Santiment (@santimentfeed) December 23, 2020
Overall, Chainlink holders have continued to add their LINK pockets in a way that demonstrates their confidence in the project’s long-term future.
According to the chart shared below, the continuous accumulation of ChainLink by the LINK marines.
In terms of value, ChainLink has once again found proper support in the $ 12 price zone. Earlier today, ChainLink (LINK) fell to as low as $ 11.80 due to a sell-off across all cryptocurrencies before rebounding above $ 12. At press time, Chainlink is trading at $ 12.30 in a shaking cryptocurrency market brought on by volatile Bitcoin.
To summarize technical analysis, ChainLink’s short-term fate – like most altcoins – is heavily tied to Bitcoin. If the King of Crypto moves strongly in either direction, Chainlink will be affected in a negative direction. Hence, the wait and see approach is recommended for Chainlink speculators at least until the Bitcoin futures and options expire later this week.
You can see the LINK price here.
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