Chainlink (LINK) bull whale investors continue to target the $20 price target despite a sharp correction from $17 to $15 this weekend.
Whales accumulated another 19.44 LINK tokens ($320 million) on Friday. On-chain analysis is investigating how whales may influence the ongoing Chainlink price rally in the medium and long term.
Chainlink’s Top 100 Investors Purchased $311 Million in Tokens in One Day
Chainlink (LINK) price experienced a slight pullback on Sunday, December 10, after briefly retracing the $17 level on Friday. With this, crypto- With investors now looking to get a head start on the much-anticipated altcoin season, Chainlink bulls look poised to stage an immediate recovery towards $20.
Institutional entities and high-net-worth investors went on a buying spree, accumulating over $300 million in LINK tokens in a single day, according to indication from Santiment.
As shown in the chart below, the top 100 Chainlink investors held a total of 697.26 million LINK as of December 6. However, since then, they have rapidly accumulated another 19.48 million LINK tokens, bringing their cumulative balance to 716.74 million on December 7.
Intuitively, the Supply Held by Top Addresses metric provides a real-time view of the total balances currently deposited into the wallets of the largest investors. Typically, an increase in the supply held by my largest addresses is usually interpreted as a strong bullish signal.
This indicates a buying trend among the largest stakeholders in the cryptocurrency ecosystem. When it occurs in the middle of a market rally as observed above, it indicates that bull whales are targeting another LINK price increase.
First, the chart above confirms that, due to their financial strength, historical accumulation trends are closely related to previous Chainlink price rallies.
Therefore, if strategic retail traders tend to mirror their transactions, this could further increase buying pressure and push Chainlink price upwards in the coming days.
If this thesis holds altcoin The price will likely recover 25% towards the $20 region before encountering major resistance.