Chainlink ($LINK), appears to be breaking free from its multi-year macro downtrend. This is not just a mere speculation, but a potential reality that has the crypto community buzzing with anticipation. The tweet shared by crypto trader Rekt Capital suggests so.
One Twitter user who commented on the tweet also feels the same and suggested that it is ready to go up very strongly.
Chainlink, for those who might not be familiar, is a decentralized oracle network that aims to connect smart contracts with data from the real world. It has been somewhat dormant, but recent signs suggest a stirring of the giant. The question on everyone’s lips is, “Is Chainlink breaking its multi-year macro downtrend?”
This question is not unfounded. In fact, it is backed by a strong sentiment that Chainlink is ready to ascend, and ascend strongly. This sentiment is echoed by many, including the crypto analytics firm, Santiment, which noted a significant surge in Chainlink’s activity.
Santiment’s analysis revealed that Chainlink has leaped ahead of the altcoin pack. This leap is not a random fluke but appears to be powered by heavy whale accumulation. For those new to the crypto jargon, ‘whales’ refer to individuals or entities that hold large amounts of a particular cryptocurrency. In Chainlink’s case, the highest amount of transactions valued at over $1 million have been recorded this year.
In addition, wallets holding between 100,000 to 10 million $LINK are accumulating rapidly. This accumulation is a strong indicator of confidence in Chainlink’s potential and could be a precursor to a significant price rally.
As per the latest data from CoinMarketCap, Chainlink ($LINK) is currently trading at $78.44. Despite a slight dip of 1.60% in the last 24 hours, the cryptocurrency holds a strong position in the market with a ranking of 21. The market capitalization stands at approximately $4.22 billion, underpinned by a 24-hour trading volume of nearly $297.29 million.
In terms of supply metrics, there are about 538 million LINK coins in circulation out of a maximum supply of 1 billion LINK. It’s important to note that these figures are subject to the inherent volatility of the cryptocurrency market, and for real-time updates, it’s advisable to refer to the Chainlink page on CoinMarketCap.
Chainlink whales are making waves. Over the past month, these colossal creatures of the crypto world have accumulated around 11 million Chainlink tokens, known as $LINK.
According to the data shared by crypto trader Ali, this massive haul is worth an estimated $77 million, a testament to the whales’ power and influence in the cryptocurrency ecosystem.
During the recent epic rally of 2021, an Ethereum wallet that had remained dormant for six years suddenly offloaded $15 million worth of ETH. This substantial action caught the attention of traders and investors, sparking discussions within the crypto community.
The sale of such a significant amount of ETH from a long-inactive wallet raised questions about Ethereum’s future trajectory. While the cryptocurrency has been relatively stable, this sudden movement could hint at growing uncertainty regarding its potential for further price increases.
Interestingly, amidst this development, more investors have been turning to alternative assets like TOADS and LINK, seeking potential opportunities beyond Ethereum’s market. This trend indicates a shift in investor preferences as they explore other promising assets in the ever-evolving cryptocurrency landscape.
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