Altcoins

Chainlink Witnesses Increased Whale Activity, LINK Price Rally On Charts

Author: Qadir AK

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Qadir Ak is the founder of Coinpedia. He has over a decade of experience writing about technology and has been covering the blockchain and cryptocurrency space since 2010. He has also interviewed a few prominent experts within the cryptocurrency space.

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Chainlink (LINK), the 21st cryptocurrency by market cap, was trading positively but has recently begun struggling for a bull run again.

Since the early hours of the day, the currency has seen a notable bearish trend. At the time of writing, Chainlink is selling at $7.70 after a drop of 2.42% over the last 24hrs.

The currency plunged below the crucial level of $7.89, which is not a good sign for the currency. Chainlink’s support lies near $7.65, and the resistance is positioned at $8.36.

Could things look up for the asset any time soon?

Increased Whale Activity 

A highly reputed analytic firm, Santiment, claims that Chainlink, an Ethereum (ETH) based altcoin, is experiencing increased whale activity.

As per santiment data, there was an increase in daily whale transactions since the start of the week on the chainlink (LINK) network, which has not been seen since mid-June.

The firm claims that this whale activity surge indicates a bull rally.

In addition, Santiment asserts that the market is moving away from stocks and trading differently from it. 

The two have been highly correlated for a while now- the crypto market had some bullish signs last week, but as the S&P 500 flipped downward, Bitcoin followed, dragging the whole market. However, the analytic firm says that the correlation between the two sectors is now breaking up.

Before the end of the analysis, Santiment claims that Bitcoin’s (BTC) trading volume is moving upwards after the currency’s trade bottomed in January.

Currently, Bitcoin is changing hands at $19,393, with a surge of 3.62% in the last day.

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Qadir AK

Qadir Ak is the founder of Coinpedia. He has over a decade of experience writing about technology and has been covering the blockchain and cryptocurrency space since 2010. He has also interviewed a few prominent experts within the cryptocurrency space.

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