#Chainlink (
$LINK ) price created a bottom in early September and triggered a massive rally that is still ongoing. There were signs of accumulation from whales before this uptrend kickstarted, but despite this extended rally, these investors are still scooping up LINK tokens. Chainlink whales remain busyChainlink whales began adding LINK to their holdings on August 30. Specifically, the wallets holding 10,000 to 100,000 LINK started to swell. Quickly thereafter, wallets holding 100,000 to 1,000,000 LINK tokens followed suit. Between September 17 and September 30, the second cohort of whales’ holdings went from 78.3 million to 82.5 million LINK tokens, denoting a massive uptick in their accumulation. While the Chainlink whales continue to accumulate for the long term, investors need to pay close attention to short-term holders. According to Santiment’s 30-day Market Value to Realized Value (MVRV) indicator, the profits of investors that purchased LINK in the last month are sitting at a 19% profit. Over the last year, LINK price has hit several dead ends when this indicator was in the 14% to 20% range. Since the short-term holders are sitting on unrealized profits, the chances of another drawdown are likely. While the pullback could be minor, investors need to be cautious of a sustained yet deep correction.
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