Altcoin Chainlink whales distribute their LINK to small wallets in recent days when demand is high and transaction volume is high. We take a look at the reasons for this choice and the current levels of LINK price…
Altcoin Chainlink whales distribute their LINK to small investors
According to data from on-chain analytics firm Santiment, Chainlink whales don’t want to constantly keep LINK in their wallets and prefer to redistribute it among small investors in the last days of high demand. According to most experts, the main reason for this trend is the natural market reaction to price movements and the decentralized nature of LINK.
LINK price has been continuing its upward trend for about a month, starting from the $13.45 region. With this momentum, it has 43% difference with its $53 ATH recorded in May. lowered it to 15. Prior to these levels, whales, which held 72% of the total supply in September 2019, have gradually sold out, which has now fallen to 63%. The reason for this stretch has not been explained by any LINK whales. However, according to experts, LINK density is split among smaller wallets, likely due to Chainlink’s decentralized nature and increasing demand. During this period, the supply of whales decreases rapidly due to high volatility. This indicates high demand, most likely from low-end investors.
By the way, Chainlink is a project that provides an advanced smart contracts hub. It creates a smart contract ecosystem that interacts with external feeds and allows integration with off-chain solutions. Chainlink Network consists of an open source community that includes data providers, Blockchain developers, analisdollarser and more. The main goal of the company is to expand decentralized and converged Blockchain infrastructures.
LINK’s next target is $30
After the rally that continued through the weekend, investors’ and $30 expectations for analisdollarserin LINK have strengthened. During this period, most altcoin projects started to slowly recover after the declines in May and June, and Bitcoin, the pioneer of the rise, climbed up to $ 47,000 and $ 48,000.
Now, altcoin LINK, which stands out among the top 20 cryptocurrencies, is struggling to turn this region into support in the last saadollarser where it was traded at $ 30.32. In case the uptrend continues, one of LINK’s first resistances is at $31. If this level can be clearly surpassed, a test of $34 may occur, accompanied by a bull run. Technical indicators are giving signals in favor of LINK for this rally. The MACD is bullish and the 4-hours RSI is in the overbought (OB) zone with 69. Meanwhile, LINK lagged behind only Dogecoin and Solana. Finally, as long as there is no post-market selling pressure, LINK price can comfortably defend the $24.43 support on a downside.