Last weekend, Bitcoin price surged above $28,000, raising the entire crypto space. Although Bitcoin, the largest cryptocurrency, has undergone a minor correction, we can see a resurgence of a strong uptrend. The rise in Bitcoin price, on the other hand, deeply affects altcoin prices. The effect of the rise in BTC is revealed by the fact that altcoins are traded on the green board. Also, big investors seem to be focusing on some altcoins. According to the latest data, whales have turned their focus to Chainlink (LINK). Here are the details…
Whales focus on these altcoin projects
Traders have shifted their focus to Chainlink, one of the largest altcoins. The LINK price has increased by more than 25 percent in the last week, which according to some analysts indicates the possibility of becoming one of the best “100x” ores in the near future. As altcoin price gains momentum, whales smell the impending rise. As such, coin addresses are witnessing a surge, accumulating more than 2 million LINK tokens valued at more than $18.5 million.
30 new addresses: https://t.co/PeqazKGGy1
Whale "0xD51b": https://t.co/DKpPu49u5p
— Lookonchain (@lookonchain) March 20, 2023
The 30 largest addresses hold large amounts of LINK, which can refer to whales holding about 1 percent of the entire circulating supply. A healthy accumulation of whales is considered a bullish indicator that signals an upcoming uptrend. Therefore, it can force market participants to jump and accumulate more. LINK price has been consolidating hard in a predetermined range for some time now and it is believed that a recovery will soon push the price above the intermediate highs of $7.89.
Can LINK reach levels it hasn’t seen in 10 months?
On the other hand, the RSI is rising and it is expected to rise above $9 as the buying volume is accumulating heavily. cryptocoin.com As we have also reported, Chainlink, which is called the oracle of Blockchains, according to analysts; It shows that it could be one of the 100x gems in the crypto space. A possible rise may increase the price above the 2-digit figure that it has not reached in the last 10 months.
87.36 percent lower than the All-Time High (ATH), LINK has lost 6.2 percent in the last 30 days. This was essentially the opposite of the trend shown by Bitcoin, ETH, and other coins. However, the monthly loss can be compensated as the token has generated a 9 percent increase over the past seven days. While LINK is showing an improvement relative to its price, its volume has been trough in the past few days. Volume serves as an indicator of market forces. Increasing volume indicates an increase in transactions on a network and is often seen as a sign of a healthy network.
