Santiment Reports Large Chainlink Holders Accumulate $38.5 Million in LINK Within a Week as Retail Traders Opt for Profit-Taking
According to crypto analytics firm Santiment, substantial wallets are actively acquiring the native cryptocurrency of the decentralized oracle network Chainlink (LINK).
Santiment observes that addresses with holdings ranging from 100,000 to 1 million LINK have amassed $38.5 million worth of this cryptocurrency in the previous week.
The firm emphasizes that these significant wallet transactions hold greater significance compared to profit-taking by small retail traders.
IntoTheBlock, an alternative crypto analytics platform, reports that prominent holders have accumulated $121 million worth of LINK in the last month.
Renowned crypto analyst Michaël van de Poppe is of the opinion that Chainlink is commencing a new uptrend. He suggests that traders need not be overly concerned about LINK's recent correction, which saw the asset's price drop by nearly 10% from its high of $8.23 in late September.
"I believe that if Chainlink maintains a price above $6.70-7.00, we are poised for an upward breakout from this remarkable trading range."
Pseudonymous analyst Altcoin Sherpa also remarked last week that LINK has remained in an accumulation phase for over 500 days and predicted that the asset "will take flight at some point."
As of the time of writing, LINK is trading at $7.42. The 18th-ranked cryptocurrency by market capitalization has witnessed a growth of over 20% in the past 30 days.
Oct 19, 2023