Chainlink (LINK) whales have been making major moves recently, buying up over 6.2 million LINK tokens in the past week as the price showed signs of a correction.
According to a post by crypto analyst Ali Martinez on July 8, this massive accumulation by whales has sparked optimism about Chainlink’s future. The market sentiment has turned bullish, with some predicting that LINK could reach a price target of $20. This accumulation during a correction suggests that investors are confident about LINK’s potential and expect its value to rise.
Chainlink Whales Accumulate 6.2 Million LINK Amid Price Dip
Chainlink whales have been actively buying up LINK, with over 6.2 million tokens, worth approximately $76.88 million, accumulated in the past week, according to data highlighted by Ali Martinez. During this period, LINK’s price fell by 9.71%, reaching as low as $11.17, as reported by CoinMarketCap.
LINK-Accumulation-post-by-Ali-Martinez
This decline in price seems to have triggered a buy-the-dip strategy among large investors, reflecting their confidence in LINK’s future performance. Market sentiment remains optimistic, suggesting that major investors believe in the asset’s potential for significant gains.
LINK-MVRV / by Santiment
Recent data from Santiment reveals that LINK’s 30-day Market Value to Realized Value (MVRV) ratio stands at 11.1%, indicating that the asset may be undervalued and presenting a buying opportunity. Despite the recent price dip, LINK has shown signs of upward momentum today, aligning with the recent accumulation and favorable MVRV data.
Chainlink (LINK) Shows Mixed Signals Amid Price Fluctuations
At press time, Chainlink (LINK) has experienced a 4.71% rise over the past 24 hours, with its current price standing at $13.44. The token has seen price fluctuations within the 24-hour period, ranging from a low of $11.83 to a high of $13.44, reflecting ongoing market turbulence.
Despite this volatility, Coinglass data highlights a positive trend for Chainlink. The asset’s Futures Open Interest (OI) has increased by 5.60%, reaching $157.16 million, while the derivatives volume has surged by 56.70% to $423.68 million. This surge in derivatives activity suggests growing investor interest and participation in LINK.
However, the Relative Strength Index (RSI) is currently at 46, indicating a neutral stance for the asset. This suggests uncertainty in the short-term movement of LINK. Despite this, on-chain data offers a hopeful outlook, with analysis suggesting that Chainlink’s price could potentially reach $20 if the current bullish support continues.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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