Crypto analysis firm Santiment found that major wallets have started to accumulate decentralized oracle network Chainlink.
Santiment found that addresses holding 100,000 to 1 million LINK accumulated $38.5 million worth of crypto assets over the past week. The platform stated that these significant wallet movements are “more relevant than small retail traders making profits.”
IntoTheBlock, a different crypto analysis platform, states that major holders purchased $121 million worth of Chainlink last month.
cryptocurrency Analyst Michaël van de Poppe is among those who think that Chainlink has started a new upward trend. He argues that traders shouldn’t worry too much about the correction LINK has experienced over the past few weeks, with the asset’s price falling nearly 10% from a late-September high of $8.23.
In my opinion, if Chainlink continues to be priced above $6.70-$7.00, we are poised to move upside and out of this mind-boggling range.
Altcoin Sherpa stated last week that LINK has remained in the accumulation range for more than 500 days. He predicted that the asset would “fly one day.”
LINK is trading at $7.42 at the time of writing. The 18th-ranked crypto asset by market cap is up more than 20% in the last 30 days.