Chainlink Shows Impressive Recovery with 50% Price Surge in a Month, Reveals Crypto Analytics Firm – With a Catch

IntoTheBlock, the prominent crypto analytics firm, has recently revised its assessment of Chainlink (LINK) following the blockchain oracle's impressive and rapid recovery over the course of a single month.

Chainlink (LINK) has witnessed a remarkable surge of over 50% since June, resulting in fewer holders experiencing losses this year, according to the latest report from IntoTheBlock.

The data analytics firm predicts that LINK still has potential for further growth, with the next significant price resistance level at $10, representing a potential increase of more than 22% from its current value.

However, the report also cautions that LINK might experience a dip if some investors decide to take profits.

"LINK's recovery has been impressive since our last report. Currently, about half of the investors are facing losses, marking the lowest figure seen all year. Given the recent uptick, some investors may consider selling to secure profits. However, most of the potential resistance levels are situated at much higher prices ($10+)."

Chainlink experienced a low point of $5.12 on June 23rd but is currently trading at $8.16, reflecting an impressive 59% increase.

According to IntoTheBlock's analysis, 43% of LINK holders are currently in profit, while 51% are underwater.

The data from the firm also reveals that approximately 69% of Chainlink holders have held onto their tokens for over one year, 27% for a duration between one month and one year, and 4% for less than a month.

Aside from Chainlink, IntoTheBlock is also closely monitoring the activity of Ethereum (ETH), the prominent smart contract platform.

The firm noticed a significant inflow of ETH onto centralized exchanges (CEXs) this week, the largest amount recorded in the past two months. This inflow could potentially indicate an increase in selling activity for the second-largest digital asset by market cap.

"This week, Ethereum recorded the highest inflows into CEXs in the past two months, totaling $383 million worth of ETH."

The report highlights that a substantial portion of the CEX inflow originated from a single wallet address, which had acquired 61,216 ETH during Ethereum's initial coin offering (ICO).

Furthermore, the report points out three digital assets with a high percentage of token supply that long-term holders have not moved in five or more years. Bitcoin (BTC) leads the pack with 29% of its supply remaining unmoved for five or more years, followed by Dogecoin (DOGE) at 17%, and Litecoin (LTC) at 13%.

"Unmoved coins provide valuable insights into the long-term vision of crypto investors. Our latest infographic explores this aspect for Bitcoin, Litecoin, and Dogecoin. Discover the data and understand the patterns."

At the time of writing, Ethereum is trading at $1,891, showing a modest 0.1% increase over the last 24 hours.

Jul 22, 2023