🚀 Chainlink (LINK) Whale Holdings Reach 8-Month High as Price Rebounds 📈
Chainlink's native token, LINK, has caught the attention of big investors recently. Despite a recent 18% price drop, large holders are seizing the opportunity to "buy the dip."
According to Santiment data, the number of LINK whales—holding between 10,000 and 1,000,000 tokens—has steadily risen since June 20. Currently, there are 3,474 such addresses, marking the highest count since November 2023.
These whales have accumulated over 6 million LINK tokens in the past week alone, worth more than $75 million at current prices. This group now holds 21% of LINK's total circulating supply.
When whales accumulate during a price decline, it often signals they believe the asset is undervalued and shows confidence in a potential price increase.
LINK's market value to realized value (MVRV) ratios confirm it's currently undervalued, with negative readings on the 30-day and 90-day moving averages (-6.71% and -12.93% respectively). Historically, such negative MVRV ratios suggest a buying opportunity as the asset trades below its average purchase price.
However, despite these positive signals, sentiment around LINK remains bearish, indicating potential further declines. The Parabolic SAR indicator suggests a downward trend, with a possible decline to $11.11 if current patterns persist.
Nonetheless, continued accumulation by whales could sway investor sentiment positively, potentially driving LINK's price back up to $13.02.
Stay tuned for more crypto insights! 👍
📢Remember: A lot of hard work goes into providing you with the best investment articles. Your generous tips empower our mission to deliver the best investment advice.