Skip to main content

Bullish Trend: Chainlink’s Top Investors are Accumulating at a Rapid Pace

Chainlink’s price action has been rather lackluster as of late, with its price lacking a clear trend as it consolidates alongside Ethereum and the rest of the crypto market.

However, there’s a strong possibility that this will soon shift as Bitcoin’s ongoing uptrend will eventually lead to a capital rotation even that causes significant inflows of capital to move from BTC and into higher-risk assets like altcoins.

Once this occurs, LINK will likely be one of the first altcoins to gain some serious momentum due to its tendency to post parabolic movements.

Not only is Chainlink bullish from a technical standpoint, with strong support below $11.00 sparking rebounds with every attempted selloff, but the cryptocurrency also has some fundamental factors playing in its favor.

According to one analytics firm, the top 100 Chainlink holders have been aggressively accumulating at these price levels, providing it with strong buy-side support and showing that large investors are confident that upside is imminent.

Chainlink Continues Consolidating Above $11.00 as Altcoins Struggle to Gain Momentum

At the time of writing, Chainlink is trading up just under 1% at its current price of $11.15. This is around where it has been trading for the past several days.

Overnight, LINK’s price dipped as low as $10.80, but the buying pressure here was significant and stopped it from seeing any intense selloff.

It has been struggling to gain any momentum as of late, and it is becoming closely tied to Ethereum’s price action.

ETH has been guiding most altcoins, so until it catches a tailwind from Bitcoin and pushes higher, there’s a strong chance that Chainlink and most other altcoins will also continue consolidating.

Analytics Firm: Top LINK Investors are Accumulating

Per a recent report from analytics firm Santiment, the top Chainlink holders have been taking the recent consolidation phase as an opportunity to accumulate large positions.

“If this isn’t the depiction of steady accumulation for Chainlink’s top 100 non-exchange whales in the past year, we don’t know what is. LINK’s offline increase in tokens at this rate truly shows confidence in the asset from those with most at stake.”

Chainlink LINK

Image Courtesy of Santiment.

It could be quite a while before Chainlink breaks its current accumulation phase and rallies higher, but when it does, it could see some immense gains that allow it to gain ground against Bitcoin.

Featured image from Unsplash.
Charts from TradingView.


from NewsBTC https://ift.tt/380uYms
via IFTTT
Labels:

Comments

Post a Comment

Any questions, Please.

Popular posts from this blog

ENS DAO delegates offer perspective on DAO governance and decentralized identity

AlphaWallet CEO and Spruce co-founder talk about their roles as contributors to the Ethereum Name Service following the project's recent airdrop. Earlier this month, the Ethereum Name Service, or ENS, formed a decentralized autonomous organization, or DAO, for the ENS community.  Cointelegraph spoke to two ENS DAO delegates who applied for the opportunity to represent the community and stay involved in the decision making process: Victor Zhang, CEO of AlphaWallet, an open source Ethereum wallet, and Gregory Rocco, co-founder of Spruce, a decentralized ID and data toolkit for developers. Zhang spoke about his experience as an external contributor to ENS and an early supporter since 2018. Zhang initially sought to help ENS by offering Alpha Wallet as a user-friendly tool for  resolving .eth names and cryptocurrency wallet addresses. Essentially, if a user inputs an .eth name in the AlphaWallet, it will show the wallet address, and vice versa using reverse resolution. Alpha...
Post a Comment
Read more

How Social Platform Chingari is Using Web 3.0 to Transform the Traditional Way We Use Social Media

The world is changing. This isn’t news to anyone, but sometimes it is nice to realize that—contrary to news headlines—not all the change is bad.  In fact, the last decade has seen so much innovation and so many improvements to technology that even 2015 seems like a different world.  Internet speeds, connecting with anyone globally (for free), and our ability to reach large groups of people without a middleman is nothing short of revolutionary. When it comes to technology evolution, this often happens with different iterations.  Once a system is mature, there’s a better idea of what we would like to change and improve.  We go back to the drawing board, target our creative minds at the issues, and create a new version that has evolved to better meet our needs.  The Internet has followed this model since its inception, evolving through three distinct stages.  We are only at the cusp of the third stage, called Web 3.0, with technologies such as blockchain and ...
Post a Comment
Read more

INX submits bid for Voyager Digital's assets

FTX US won a $1.4-billion bid to purchase Voyager’s assets in September, but with the firm filing for bankruptcy, the funds were once again up for grabs. Trading platform INX has submitted a bid for an undisclosed amount to purchase the assets of crypto brokerage firm Voyager Digital. In a Nov. 30 announcement, INX said it had sent a non-binding letter of intent for Voyager’s assets following the platform filing for bankruptcy in July. According to INX CEO Shy Datika, the bid was aimed at providing “credibility, technology, and unique regulatory positioning” for Voyager users seeking stability in a volatile market. Voyager’s original bankruptcy filing from the Southern District Court of New York suggested the firm could owe between $1 billion to $10 billion to more than 100,000 creditors amid a bear market and exposure to Three Arrows Capital. In September, FTX US won a $1.4-billion bid to purchase Voyager’s assets, but with FTX Group itself filing for bankruptcy in November, th...
Post a Comment
Read more