ChainLink Whales Now Hold 648.6M LINK in Non-Exchange Wallets

October 23, 2020 Editor Ethereum 0

Summary:

  • The amount of LINK held by ChainLink’s top 10 whales has hit a 2020 high of 648.6 Million tokens
  • ChainLink whales accumulating and holding is a sign of confidence in LINK’s long-term value
  • ChainLink’s price is currently consolidating at the $12 price zone and could signal a second drive up

In the last three days, the value of ChainLink (LINK) has risen from a local low of $9.72 on the 21st of October to a local peak of $12.42 earlier today. This is an impressive rise of 27.7% in the stated time period. The majority of LINK’s gains were experienced yesterday with the team at Santiment pointing out that it was after the bags of ChainLink whales outside exchanges, hit a new peak of 648.6 Million LINK tokens.

$LINK‘s price is +12.5% thus far today, and it comes following its top 10 non-exchange whales hitting their highest total holdings since July 1, 2019. The 648.6M #Chainlink tokens being held in non-exchange wallets suggests ever-increasing confidence.

The team at Santiment followed up their analysis of ChainLink whales with the chart below demonstrating that LINK’s top 10 non-exchange whales are in accumulation mode.
Chart courtesy of @Santimentfeed on Twitter

$12 is ChainLink’s new Battlezone

In terms of price movement, LINK has since turned the $12 price area into support after the impressive move to $12.42 partly due to this week’s news of PayPal offering crypto-services to its users. The daily LINK/USDT is still exhibiting some bullishness with a possibility of ChainLink retesting $13 or even $15 if the crypto market maintains its current market environment.
ChainLink Whales Now Hold 648.6M LINK in Non-Exchange Wallets 18

ChainLink’s bullishness can also be observed via the following on the daily LINK/USDT chart.

  • Trade volume is in the green with the MACD in neutral territory at slightly above the baseline
  • The daily MFI is in neutral territory at 58
  • The daily RSI is also in neutral territory at 62
  • ChainLink’s price is above the 50, 100 and 200-day moving averages
  • ChainLink is currently ranging between $11.50 and $12.42 with the $12 price being the mean of this range

Conclusion

Summing it up, the top 10 ChainLink whales now hold 648.6 million LINK outside crypto exchanges. This value is a new high since July 1st, 2019 indicating growing confidence in the long-term value of LINK.

Additionally, the daily LINK/USDT is hinting at possible consolidation around the $12 price area after an impressive double-digit move from $9.72 earlier this week. If this area continues to hold, LINK could very much be on a path to retest $13 and even $15 if the crypto market environment remains as is for the next few days.

However, ChainLink traders and investors are reminded that Bitcoin has also had an impressive run in the last few days and a correction by BTC will negatively affect all digital assets including LINK. Therefore, the use of stop losses is advised as well as low leverage when trading ChainLink on the various derivatives platforms.