The bullish trends signal that LINK top investors have started accumulating at a fast rate as the price of the asset was rather lackluster as of late. LINK’s price lacked a clear trend as it consolidated with Ethereum and the rest of the crypto market so let’s read more in the latest chainlink news.
However, there’s a strong possibility that this soon could change as Bitcoin’s ongoing uptrend will eventually lead to a capital rotation even that causes huge inflows of capital to move from BTC into much higher-risks assets like altcoins. Once this happens, LINK will be one of the first altcoins to gain serious momentum due to its tendency to post parabolic movements. Chainlink is looking bullish from a technical standpoint with strong support below the $11.00 that sparked rebounds with every attempted selloff but LINK also had some fundamental factors that played in its favor.
According to one analytics firm, the top 100 chainlink holders started aggressively accumulating these price levels which provide it with strong buying-side support and showing that the larger investors are much more confident in the upside price movement. At the time of writing, the bullish trends signal that top investors are accumulating fast and that the asset is trading up just under 1% with a current price of $11.15. this is around the same price level where it was trading for the past few days.
Overnight, LINK’s price dropped as low as $10.80 but the buying pressure was so strong and even stopped it from seeing more selloffs. It has been struggling to gain momentum as of late and it became closely tied to Ethereum’s price action. ETH was guiding most altcoins so until it catches the tailwind from BTC and pushes higher, there’s a strong chance that the coin and most other coins will continue consolidating. According to a report from Santiment, the top chainlink holders were taking the recent consolidation phase as a chance to accumulate larger positions:
“If this isn’t the depiction of steady accumulation for Chainlink’s top 100 non-exchange whales in the past year, we don’t know what is. LINK’s offline increase in tokens at this rate truly shows confidence in the asset from those with most at stake.”
It could be a while before chainlink breaks the current accumulation phase and shoots higher but when it does, it will see more gains that will allow it to gain against Bitcoin.
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