As an experienced crypto market analyst, I find the recent accumulation of Chainlink (LINK) by whales to be a significant development in the current market scenario. The fact that they purchased over 6.2 million LINK worth $76.88 million during a weekly correction adds optimism to the token’s future price run.
Expert: Chainlink’s big investors, referred to as whales, have caused a stir in the cryptocurrency market by acquiring massive amounts of LINK during a recent weekly correction for the token. As reported by well-known crypto market analyst Ali Martinez on July 8, these whales amassed an impressive 6.2 million LINK over the past week.
As a researcher studying on-chain data, I’ve noticed some encouraging signs for Chainlink (LINK) that suggest optimism about its future price trend. In this report, I’ll explain the data and how it contributes to a bullish outlook for LINK.
Whales Sack $76M Worth Coins
Based on information highlighted by Ali Martinez, it was revealed that large Chainlink investors, referred to as “whales,” bought up over 6.2 million LINK tokens, equivalent to $76.88 million, within the last week. Simultaneously, the weekly trend of LINK showed a decline of 9.71%, causing its price to dip down to as low as $11.17 in the past seven days, according to CoinMarketCap’s figures.
The decreasing prices in the cryptocurrency market seem to have encouraged larger investors, or “whales,” to consider buying at lower prices. This has resulted in increased accumulation of the crypto asset. The general market outlook remains positive towards the crypto, indicating that many large-scale investors are optimistic about its potential for significant price growth.
As a crypto investor, I’ve been keeping a close eye on Santiment’s latest data, which indicates that LINK‘s 30-day MVRV currently stands at 11.1%. For those unfamiliar with the term, an asset’s MVRV (Market Value to Realized Value) ratio measures the difference between the current market price and the average price at which coins were last realized or sold. In simpler terms, a lower MVRV suggests that an asset may be undervalued, making it an attractive opportunity for investors like myself to enter the LINK market and potentially drive up its value.
As an analyst, I’ve observed that despite a weekly downtrend in LINK‘s price, it has shown signs of recovery today. This uptick is in line with the accumulation of coins and the positive movement of the MVRV (Maker’s Value Realized) ratio.
LINK Price Soars
As a market analyst, I’ve observed that at the current moment, the LINK token has experienced a 4.71% price increase over the past 24 hours, reaching a value of $13.44. The token’s price fluctuations during this period ranged from a low of $11.83 to a high of $13.44, indicating some volatility in sync with the overall market trends.
Despite the data from Coinglass revealing a noteworthy market upward trend for Chainlink, the futures open interest (OI) and derivatives volume experienced substantial growth. The OI for LINK rose by 5.60% to reach 157.16 million, while the derivatives volume escalated by an impressive 56.70% to hit $423.68 million. This data signifies heightened investor attention towards the asset and a surge in derivatives market activity.
The RSI remained at the 46 level, indicating a lack of directionality in the broader market for the asset. This ambiguity is reflected in the potential uncertainty for the token’s price action. However, positive signals from on-chain data offer some optimism regarding the coin’s future outlook.
According to CoinGape Media’s latest analysis, the price of Chainlink (LINK) could potentially reach $20 due to the bullish momentum fueled by on-chain developments.
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2024-07-08 12:53