Santiment: The top 100 non-exchange addresses grown by 5% in the last year, while Chainlink price looks set to retest $10.8 to $10.9
According to data from Santiment, the top 100 non-exchange addresses have grown their bags by 5% in the last year. ChainLink whales held 7354 million LINK a year ago. This number is now 771.15 million LINK indicating increased confidence. And now, Chainlink price regained the $ 10 psychological support level as a result of a crypto-wide rally.
? The top $LINK non-exchange whales continue their gradual accumulation pattern. As seen on our chart, the top 100 non-addresses held 735.64M a year ago. Now up to 771.15M, the ~5% increase is indicative of clear whale confidence in the asset’s longevity. https://t.co/kU5mvkZJmN pic.twitter.com/lrQLX5hHdl
— Santiment (@santimentfeed) October 9, 2020
Chainlink price regained the $ 10 psychological support level as a result of a crypto-wide rally
According to Sentiment, ChainLink whales have grown their holdings of LINK by approximately 5% in the last year. One year ago, the top 100 non-exchange Chainlink addresses held 7354 million LINK. That number now stands at 771.15 million LINK indicating a level of confidence from the said Chainlink whales regarding the future of the cryptocurrency.
In terms of market performance, as AZCoin News reported, Chainlink is once again trading above $ 10. At press time, LINK is trading around $ 10.74 and seems set to retest resistance. range $ 10.8 to $ 10.9.
A few days ago, ChainLink (LINK) looked ready to drop to the $ 7 price level after it broke the $ 8.80 support level. However, the crypto market has been bullish due to the two events below.
- President Trump reconsidering a second stimulus bill worth $1.8 trillion. This is after he rejected an initial $2.2 Trillion offer from House Democrats.
- Square announced that it had invested $50 Million into Bitcoin.
As you can see, the daily trade volume is in green. ChainLink bounced off the $8.80 support zone once again. The 100-day moving average (yellow) is providing short term resistance for LINK at the $10.80 – $10.90 price area. The 50-day moving average (white) highlights an area of resistance around the $11.50 price area. The daily MACD has crossed in a bullish manner above the baseline.
Summing it up, ChainLink is once again in the bullish territory as seen through the brief analysis of the daily LINK/USDT chart. Furthermore, the general mood of the crypto-verse is one of optimism brought about by President Trump offering a $1.8 trillion stimulus bill and Square buying $50 million in Bitcoin.
Additionally, Chainlink whales have continued to add to their LINK bags thus providing a level of confidence regarding the long-term value of the digital asset. As with all analyses of ChainLink, traders and investors are advised to use adequate stop losses and low leverage when trading LINK on the various derivatives platforms.
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