Chainlink‘s value is experiencing notable pressure, having declined by 5.7% as the overall market faces a downturn. Following a rejection at the $30 mark, LINK has corrected by 27%, now testing crucial support levels around $22. Meanwhile, large holders of LINK tokens, known as whales, are seizing the opportunity to accumulate during these price dips, reflecting a sense of optimism for the long term.
What Are the Current Price Trends for Chainlink?
Presently, Chainlink is trading at $21.36, marking a 5.7% drop in just 24 hours and a market cap of $13.63 billion. Data from Coinglass indicates a 12% decrease in LINK’s open positions, totaling $551 million. Liquidations have surged to $3.02 million over the last day, predominantly from long positions, amounting to $2.83 million.
How Are Whales Influencing LINK’s Market?
According to Santiment, while Chainlink faced a downturn in late December, large holders, specifically those with between 1 million and 10 million LINK, capitalized on lower prices. These whales have accumulated around 3.58 million LINK, worth approximately $76.9 million, in just three days.
Market observations reveal a significant trend: large investors are withdrawing their assets from exchanges, leading to a reduction in exchange reserves to 161.5 million LINK. This strategic accumulation by whales hints at a possible long-term support for LINK, despite short-term price challenges.
- Chainlink’s price is on a downward trajectory, currently at $21.36.
- Whales have accumulated approximately 3.58 million LINK recently.
- The market is seeing a reduction in exchange reserves.
- Long-term outlook remains positive due to whale activities.
Monitoring the movements of these significant stakeholders could provide valuable insights for LINK traders. The ongoing dynamics suggest that while Chainlink faces immediate hurdles, there remains potential for a robust recovery in the future.
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research.
