As a seasoned analyst with years of experience navigating the tumultuous seas of the cryptocurrency market, I’ve learned to decipher the patterns and signals that often go unnoticed by the casual observer. The recent behavior of Chainlink (LINK) has been a fascinating study in contrasts.
Recently, Chainlink’s (LINK) trajectory has shown a blend of indicators, as its price has dipped in tandem with the overall cryptocurrency market.
In contrast, a substantial amount of whale activity suggests ongoing curiosity from major investors. As per data from Santiment, whales possessing between 1 million to 10 million LINK have amassed approximately 3.58 million coins (valued at around $76.9 million) in a mere three days.
Unlike the excitement back in early December when LINK hit a high of $29 for the first time in more than three years, causing optimism among the community,…
Over the past two months, retail investors have exhibited a distinct pattern, offloading approximately 5.67 million units of LINK. This could be due to various reasons such as growing restlessness, cashing out profits, or apprehension about potential future price drops.
Simultaneously, whales are known for making quick adjustments, too. As per Lookonchain’s records, a whale transferred 250K LINK ($5.37M) to Binance and OKX, following an earlier withdrawal of 595K LINK ($17.31M) this month at approximately $29.1 per LINK. Currently, this whale is looking at potential losses of around $4.5M due to the recent decline in LINK’s value.
3 hours ago, a significant investor moved approximately 250,000 units of LINK (worth around $5.37 million) to both Binance and OKX.
— Lookonchain (@lookonchain) December 28, 2024
Over the past two months, significant investors (whales) holding more than 100,000 Chainlink (LINK) tokens have collectively purchased approximately 5.69 million dollars’ worth of the coin. Conversely, a comparatively small number of LINK holders (less than 100,000) have sold their coins to the market.
The data indicates that retail traders collectively offloaded approximately 5.67 million LINK from their holdings. This action could suggest that the retail investors are growing restless, potentially due to selling out of anxiety, fearing a further drop in price, or cashing out to secure profits before another potential decline.
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2024-12-28 17:29