- Over the past month, crypto whales have developed an appetite for Chainlink, gobbling up over 57 million LINK tokens worth over $890 million, reports IntoTheBlock.
- Despite the accumulation of 10% of the total circulating supply, LINK has traded in the same range, gaining a mere 2.4$ in the past 30 days to trade at $15.71.
After its monstrous end to the last year, which saw it more than double its price, Chainlink’s LINK has continued to attract the interest of deep-pocketed investors within the crypto space. These crypto whales accumulated close to 10% of the circulating supply in the past month, forking out close to a billion dollars in a long-term bet on the crypto market’s leading oracle network.
According to data from IntoTheBlock, a DeFi and crypto market intelligence platform, these whales scooped up over 57 million tokens worth around $900 million. For context, accumulated tokens represent around 10% of the 568 million tokens in the circulating supply.
Large Chainlink holders added more than 57M $LINK to their balances in the last 30 days. pic.twitter.com/bnlIJdTEbN
— IntoTheBlock (@intotheblock) January 30, 2024
The accumulation wasn’t uniform, with the whales racking up more LINK in some days and offloading in a few days in between. In the first two days of January, they bought over eight million tokens cumulatively. However, this significant accumulation couldn’t stop the token from dipping and spooking the whales.
The dip continued in the entire first week of January, hitting a new low on January 8, just below $13. IntoTheBlock shows that this dip worried the whales, and they dumped over two million tokens.
However, the token reversed the trend and went on a run that peaked on January 20, just below $17. This move restored the whales’ confidence, with data showing that they purchased over 20 million tokens in that period. The accumulation has since slowed down towards the end of the month.
Overall, the whales scooped up over $900 million, meaning that over 10% of Chainlink’s entire market cap is in the hands of a few individual wallets. The whales also moved their tokens off the centralized exchanges, indicating that they intend to HODL them for a long time and are confident in the project’s long-term prospects.
LINK’s monthly exchange netflow was 1.392 million, revealing that 2.5% of the overall supply was moved into private wallets today.
Can Range-Bound Chainlink (LINK) Break Free?
Despite becoming a favorite for institutional investors, Chainlink has been stuck in the same range for a month despite some volatility in between. Over the past month, its price has only increased a measly 2.3%.
However, this doesn’t tell the entire story. In that time, its volatility has been high, with a monthly low of $12.9 and a peak of $16.7.
Experts predict LINK will rediscover its upward momentum in the coming months. One of those projecting the token to hit new highs is Dutch analyst Michael van de Poppe, who believes the token will hit $25-$30 in the near term. He pointed out that LINK has been testing the resistance repeatedly, and it’s only a matter of time before it breaches it.
#Chainlink is still stuck in a range but is likely going to break to the upside.
Why?
– Has taken the liquidity by the dip to $12.20.
– Multiple tests of resistance.
– $BTC pair bottoming.
– $ETH starting to wake up.Seems likely we'll see $25-30 in the coming months. pic.twitter.com/fDwA49H7as
— Michaël van de Poppe (@CryptoMichNL) January 30, 2024
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