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Chainlink whale activity reaches a seven-month high — What will happen to LINK price next?
The price of Chainlink (LINK) has stabilized since reaching a local peak of 24.74 USD on August 13. Currently, it is trading at 21.9 USD, showing a fall of 11%. In the context of LINK's price not experiencing significant volatility, large investors seem to maintain a positive sentiment. They view this bearish trend as a buying opportunity and are increasing their accumulation activities.
This raises the question: what awaits LINK in the near future?
LINK whales make noteworthy transactions
On-chain data shows that the number of transactions from "whales" holding LINK valued over 100,000 USD has risen to the highest level in seven months, reaching 992 transactions last Thursday.
This increase in high-value transactions has contributed to pushing the price of LINK up to 24.31 USD, only 2% lower than the closing price of the previous day, before showing signs of a slight fall.
As of now, there have been 232 transactions by whales worth over 100,000 USD recorded. This indicates a continued interest from investors with significant financial power, despite the overall market correction currently.
In addition, the number of active LINK transaction addresses has also shown an upward trend, indicating an increase in on-chain participation. According to Santiment, this metric, analyzed using a seven-day moving average, has risen by 55% since the beginning of August.
The price of LINK has the potential to break out if the support at 22.21 USD holds firm.
The increase in the number of active addresses reflects stronger network usage on Chainlink. If this trend continues along with increased demand from whales for LINK, it could strengthen the support level at 22.21 USD. In this scenario, LINK has the potential to rise to 25.55 USD.
On the contrary, if this support level weakens and is broken, the price of LINK could fall to 19.51 USD.
Mr. Giáo