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- The whales have started collecting LINK over the past few weeks.
- The price of LINK fell as on-chain indicators were observed to decline.
New data from Lookonchain has revealed significant accumulation activity by large addresses in the Chainlink (LINK) ecosystem.
The prominent whale has begun a significant accumulation phase, withdrawing 417,834 LINK from Binance over the past two days.
Specifically, this whale previously acquired 641,386 LINKs at an average price of $7.4 and later sold them at an average price of $15.1, generating approximately $4.9 million in profit.
Whale interest in LINK grows
The surge in large address accumulation indicates increased whale interest in LINK tokens. This activity raises questions about LINK’s price trajectory and its potential impact on market dynamics.
Smart money is starting to pile up. $LINK Withdraw again 417,834 $LINKFrom ($6.9 million) #Binance For the past 2 days.
He previously bought 641,386. $LINK($4.77M) sold for an average of $7.4 and then sold for an average of $15.1, making ~$4.9M! https://t.co/1E0GIqVeBY pic.twitter.com/Opuvbm2yaM
— Lookonchain (@lookonchain) December 29, 2023
The accumulation of whales can have both positive and negative impacts on LINK.
On the positive side, increased accumulation often indicates confidence among significant investors and can potentially increase the value of the token.
However, on the negative side, large-scale selling by these whales in the future could put selling pressure and affect the price of LINK.
Looking at the metrics
Looking at the price movement of LINK, it was trading at $16.15, down -5.28% over the last 24 hours. Despite this correction, the overall trend suggested a bullish trajectory characterized by higher highs and higher lows.
Chainlink is seeing a decline in network growth, indicating less interest in new addresses. Additionally, LINK’s velocity has decreased, indicating a slowdown in overall trading activity around the token.
LINK’s MVRV ratio has been on the rise in recent weeks, meaning holders remain profitable amid the correction. LINK’s price decline may be due to profitable holders selling their holdings to leverage their profits.
Read Chainlink’s (link) 2023-24 price prediction
Increased number of collaborations
Chainlink has expanded its ecosystem with 14 integrations across 9 different chains, including Arbitrum, Avax, BuildOnBase, BNBChain, Ethereum, Optimism, 0xPolygon, Polygon zkEVM, and zksync Era.
This collaboration marks Chainlink’s ongoing efforts to strengthen its presence and usefulness within diverse blockchain ecosystems.
⬡ Chainlink adoption updates ⬡
There were 14 consolidations out of 6. #Chainlink Services across 9 chains: @arbitrum, @avax, @BuildOnBase, @BNBChain, @Ethereum, @optimism, @0xpolygonpolygon zkEVM and @zksync age.
New integrations include: @APX_Finance, @ArchlyFinance,… pic.twitter.com/qzUhGqmslF
— Chainlink (@chainlink) December 17, 2023