- Whales continue to accumulate LINK.
- LINK cannot exceed the $18 price range.
Interest in Chainlink (LINK) from certain whales has been surging recently, and the accumulation shows no signs of slowing down. How has LINK’s price fared given this recent accumulation trend?
Chainlink whale enjoys shopping
Over the past few days, Chainlink whales have become more interesting, especially as the aggressiveness of certain whale wallets has increased.
Look on chain Data shows that this whale wallet has been accumulating LINK continuously for the past three days. As of this writing, the whale wallet has accumulated a total of 4,556,684 tokens worth approximately $83.6 million based on the current LINK price.
The continued accumulation of these whale wallets is considered a positive sign and is expected to lead to a potential increase in LINK price in the future.
Chainlink holders grow
Examining another important metric, we found that the overall number of Chainlink holders has increased significantly. Santiment’s data highlighted an increase in the number of LINK holders over the past few months.
SSpecifically, from January to present, the number of holders has increased by approximately 9,000, reaching a total of 717,000 based on the latest data.
Source: Santiment
Further analysis of exchange supply shows a recent trend of holders withdrawing their LINK holdings from exchanges.
As of this writing, supply on exchanges has decreased to approximately 21.5% of total supply. This indicator suggests that a significant portion of holdings are moving away from exchanges as accumulation continues.
The exchange withdrawal signals expectations of a potential future price increase that could push LINK price higher than current levels.
Source: Santiment
LINK trend is thwarted
Chainlink’s analysis of price trends on daily time frames shows that after surging into this range on February 1st, it has remained within the $18 range for several days.
The chart shows that the price of LINK has been fluctuating between rising and falling in recent days.
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At the time of writing, it was trading at around $18.2, down about 1.3%. Despite this recent observed decline, the overall trend appears to be strong, as evidenced by the Relative Strength Index (RSI).
At the time of writing, RSI is hovering above 60, indicating a strong bullish trend.
Source: Trading View