LINK coin plummeted 21.6%, but whales bought it crazily, and the market is about to reverse! ?

Whale giants invested $8.8 billion in an altcoin, but the coin has experienced a month-long continuous decline.

Heavyweight altcoin investors may have foreseen the potential value of Chainlink (LINK), an oracle project, and have high hopes for its price recovery.

The latest intelligence from blockchain data analysis platform Lookonchain shows that large investors and institutions have begun to actively increase their holdings of Chainlink (LINK) last month.

Lookonchain's statistics further revealed that 54 new blockchain addresses have recently purchased LINK, with a cumulative transaction volume of up to $30.28 million.

Among these transactions, an address "0x9dD3" on the Euro Exchange purchased $2 million worth of LINK at one time, becoming the largest transaction. It was followed by the address "0x3B68F", which purchased $1.95 million worth of LINK from Binance. According to Etherscan's in-depth investigation, LINK is the only cryptocurrency asset among these active wallets.

It is worth noting that while whales are collecting LINK, the market price of this altcoin is showing a downward trend. According to Coingecko data, LINK has depreciated by 21.6% in the past month.

Current market observations show that the MVRV indicator, which represents the gap between Chainlink's market value and its realized market value, has fallen below the 1 mark.

CryptoQuant's data analysis points out that the decline in this indicator may mean that LINK's price is close to the bottom. In such a market environment, investors may be able to explore a good time to establish a long position by studying other relevant indicators.

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