Chainlink Whales Stock Up LINK Amid Strong Bullish Sentiments!
The ongoing quarter of 2021 is looking historically bullish for the entire crypto space. With a display of a significant number of green candles, the broader crypto market reclaimed the $2.5 trillion market cap. Meanwhile, Chainlink’s recovery has been consistent over the last month, as whales have accumulated a huge chunk of LINK tokens. With groundbreaking collaborations, the altcoin is preparing for massive price action ahead!
Chainlink Whales Busy Accumulating!
According to the recent reports of Santiment, large wallet addresses with 1 million to 10 million have bought 167.7 million tokens worth $431 million. Hence, 25% of the total circulating supply is locked by whales now. Despite the LINK price being highly volatile over the last 4 months, whale traders have accumulated ATH of 16.8% of the total link supply during the recent price drop. Increasing scarcity in the asset will uplift the price momentum in the coming days.
On the other hand, the altcoin is working on more collaborations and upgrades to further boost the price action. In the past 24 hours, the platform has collaborated with three prestigious tech firms.
- Chainlink partnered with POCOLAND to help traders to purchase characters, items, and types of equipment in its digital market space.
- Dreams Quest announced its collaborations with multiple Chainlink services to integrate its dynamic NFT gaming experience.
- On the same day, Chainlink partnered with BaconDAO. This integration will facilitate a verifiably tamper-proof source of randomness on-chain.
Chainlink Price Analysis:
The Chainlink price is trading at $25.90 with 0.96% gains in the last 24 hours. Observing the 4-hour chart, the altcoin formed an M-shaped pattern and is on the verge of breaking down. However, in September 2021, the altcoin twice formed a W pattern. But, the asset failed to breakout to the next level. Hence, as RSI and MACD factors are indicating bullish signals, the asset could consolidate for some time now before starting with an uptrend.
Collectively, with an increase in bullish sentiments, the price could surpass the crucial resistance above $33 to make its way for the new ATH. On the contrary, if the pattern continues the altcoin could settle at $21.24 levels. Overall with a surge in whale accumulation and reduction in sell-off pressure the altcoin could boom to new milestones soon.