Chainlink Gets Whale Backing: LINK Price Up 14% Amid Market Dip
20 Gennaio 2024 - 1:00PM
NEWSBTC
In the midst of the recent turbulence within the cryptocurrency
market, Chainlink (LINK) has emerged as a notable outlier,
demonstrating resilience against the sweeping downturn that has
left major altcoins crumbling. Surprisingly, LINK has steadfastly
clung to the $16 mark, showcasing a 14% rally in the last seven
days and defying the prevailing market trends. However, investors
are left to ponder whether this is a promising sign for Chainlink’s
future or merely a momentary blip in the radar. Related Reading:
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Here’s The Scoop Source: Coingecko Massive Chainlink Whale Purchase
This positive signal coincides with a notable $8.9 million whale
purchase, injecting a substantial dose of confidence into the
market. Yet, beneath the surface, murmurs of a whale exodus are
causing concern. After the price of $LINK dropped today, a whale
spent 8.9M$ to buy 601,949 $LINK at $14.81 with 3 new
wallets.https://t.co/W7BjWM2XsP pic.twitter.com/xlFPqWv4ko —
Lookonchain (@lookonchain) January 19, 2024 This purchase also
dampens some worries especially following a recent selling
spree by Chainlink investors, who offloaded a significant 2.3
million tokens since January 12th. The positive signal also comes
after recent concerns in the absence of a noteworthy uptick in
fundamental growth metrics such as network usage. Without
substantial real-world adoption, the coveted $20 price point for
Chainlink might remain an elusive mirage. LINK market cap currently
at $9.044 billion. Chart: TradingView.com Chainlink’s Strengths
Persist Amid Market Uncertainty Meanwhile, IntoTheBlock’s global
in/out of the money (GIOM) chart uses the historical entry prices
of the current LINK holders to highlight critical levels of support
and resistance. Source: IntoTheBlock In the near term, investors
may opt for short-covering maneuvers to prevent falling into a
net-loss position, a strategy that could lead to the consolidation
of Chainlink’s (LINK) price just below the $15 threshold in the
upcoming days. Conversely, bullish market participants could
potentially counter this bearish scenario by successfully pushing
the price beyond the $20 territory. However, a potential hurdle
arises from the fact that over 94,000 holders have accumulated 51
million LINK at a minimum price of $18.8. This sizable accumulation
suggests the possibility of bears establishing a formidable
sell-wall in that price range, potentially triggering a retreat in
LINK’s value. The interplay of these dynamics underscores the
delicate balance between short-term tactical moves and broader
market sentiment that currently characterizes the trajectory of
Chainlink’s price. Despite the prevailing turbulence, the core
strengths of Chainlink should not be overlooked. Its established
role as a leading oracle provider within the blockchain ecosystem
remains undiminished. Related Reading: Will X Unleash The Doge?
Platform Users Eager To Embrace The Meme Coin If the broader crypto
market stages a recovery and fundamental growth aligns, a
resurgence for Chainlink is not out of the realm of possibility.
Featured image from Freepik
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