Chainlink (LINK), one of the altcoin projects that continues to attract the attention of major investors lately, seems to be on the radar of whales. Over the last 30 days, new whale wallets have amassed over 2 million LINK tokens despite its price drop. This development raises curiosity about whether the LINK price can recover. Here are the details…
Whales are on the Move for This Altcoin
According to on-chain analytics platform Lookonchain, newly activated wallets have pulled 2.08 million LINK tokens worth approximately $30.28 million from Binance. This shows continued interest in LINK from large investors. Existing whale holders have also refrained from moving their holdings to exchanges and selling them in the last month.
These movements are closely related to LINK’s price trends. The current price has fallen 30 percent in the last 21 days to $ 14.61. Along with the price drop, the net flow of large investors to stock exchanges has also decreased by 110 percent. This indicates that large investors are accumulating instead of selling.
Price Analysis and Key Support Levels
According to the current market analysis, LINK’s $12.5 level stands out as an important support point. The price has bounced back from 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.
Analysis based on the Market Value to Realized Value (MVRV) ratio suggests that current conditions may present a buying opportunity for the altcoin. This raises the expectation for investors that the price will rebound.
Buying Strategy for Altcoin Whales
The fact that new large investors are collecting LINK is an indication of confidence in the future performance of the crypto. These investors are refraining from moving their assets to exchanges at the current low prices. This shows that bullish expectations prevail in the market.
Chainlink’s medium-term trend is supported by a rising trend line. However, the coin entered a correction phase during the broad market consolidation. This suggests that buyers do not currently have the necessary momentum to reach new highs.
Analyst Opinions and Future Prospects
As we at Kriptokoin.com have mentioned, Michaël van de Poppe is an analyst who stands out with his expert opinions on cryptocurrency markets. Michaël van de Poppe states that Chainlink is resistant to downtrends. Van de Poppe emphasizes that the LINK price 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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