Chainlink Has Shed Nearly 10% In A Week, But Crypto Whales Are Still Buying It In Droves: Here's Why
Portfolio Pulse from Aniket Verma
Chainlink (LINK) has seen a nearly 10% drop in value over the past week, but large investors and institutions are buying significant amounts of the cryptocurrency. On-chain data shows 90 new wallets withdrawing 6.72 million LINK tokens from Binance, indicating bullish sentiment among whales. Despite the market downturn, LINK's whale transaction volume surged 55% in the last 24 hours, and more LINK left exchanges than entered.
July 08, 2024 | 9:07 am
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Chainlink (LINK) has experienced a significant drop in value, but large investors are accumulating the token, indicating bullish sentiment. Whale transaction volume surged 55% in the last 24 hours, and more LINK left exchanges than entered.
The accumulation of LINK by large investors and institutions, along with a surge in whale transaction volume and negative net flows on exchanges, suggests a bullish sentiment despite the recent price drop. This could lead to a short-term price increase.
CONFIDENCE 85
IMPORTANCE 90
RELEVANCE 100