Crypto analytics firm Santiment finds that large wallets are gobbling up the native asset of the decentralized oracle network Chainlink (LINK).
Santiment notes that addresses holding between 100,000 and 1 million LINK have accumulated $38.5 million worth of the crypto asset in the past week.
[adinserter block="1"]The firm says those significant wallet moves are “more relevant than small retail traders taking profits.”
IntoTheBlock, a different crypto analytics platform, notes that large holders have acquired $121 million worth of LINK in the past month.
Crypto analyst Michaël van de Poppe thinks Chainlink is starting a new uptrend. He argues that traders shouldn’t be too concerned about LINK’s correction in the past couple of weeks, which saw the asset decrease in price by nearly 10% from a high of $8.23 in late September.
“I think, if Chainlink remains priced above $6.70-7.00, we’re ready for a breakout to the upside and out of this mindblowing range.”
Pseudonymous analyst Altcoin Sherpa noted last week that LINK has remained in an accumulation range for more than 500 days. He predicted the asset “will fly one day.”
LINK is trading at $7.42 at time of writing. The 18th-ranked crypto asset by market cap is up more than 20% in the past 30 days.
Follow us on X, Facebook and TelegramDon't Miss a Beat – Subscribe to get email alerts delivered directly to your inbox
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any assets including cryptocurrencies, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Generated Image: Midjourney
