- Chainlink whales accumulated $14 million LINK tokens in the last month.
- LINK prices rallied by 18% in the last 30 days.
Chainlink [LINK] whales, which hold between 1,000,000 and 10,000,000 LINK tokens, have intensified their accumulation in the past month. During that period, this cohort of investors bought 14 million LINK tokens worth over $100 million, on-chain data from Santiment showed.
— Ali (@ali_charts) August 7, 2023
Realistic or not, here’s LINK’s market cap in BTC’s terms
The surge in LINK accumulation amongst major holders could be attributable to Chainlink’s recently launched Cross-Chain Interoperability Protocol (CCIP).
According to the CCIP documentation, the product was launched to address the connectivity challenge between blockchain networks and has already been deployed on Avalanche [AVAX], Ethereum [ETH], Optimism [OP], and Polygon [MATIC] networks. It has also been adopted by leading decentralized finance (DeFi) projects Aave and Synthetix.
LINK whales have a plan
At press time, the altcoin exchanged hands at $7.36. Increased attention from the whales in the last month has caused its price to grow by double digits during that period. Per CoinMarketCap, LINK’s price has rallied by 18% in the last 30 days.
Apart from the CCIP launch, the profitable nature of LINK transactions might be why whales have become increasingly interested in the crypto asset.
Assessed on a 30-day moving average, the ratio of LINK’s daily on-chain transaction volume in profit to loss was 1.5 at press time. This suggested that for every transaction that returned losses in the last month, 1.5 LINK transactions ended in profits.
Despite how profitable LINK transactions have been, fewer sell-offs have occurred in the last month.
Data from Santiment showed that LINK’s daily trading volume on crypto exchanges peaked at $1.34 billion on 20 July and has since trended downward. This could indicate a decline in the alt’s exchange reserves, which is commonly deemed to be a bullish signal.
Read Chainlink’s Price Prediction 2023-2024
Here are the issues
Although whale activity has climbed in the last month, a broader look at other investor cohorts revealed that general accumulation in the market may have slowed.
On a D1 chart, LINK’s key momentum indicators suggested a fall in accumulation market-wide. At press time, the token’s MFI was positioned below the center line and inched closer to the oversold region.
Although above the 50-neutral line, the RSI remained flat at 52.52. The Chaikin Money Flow, however, offered some respite. At a positive 0.09 at press time, liquidity continued to flow into the LINK market, most likely through whale accumulation.