• Chainlink (LINK) whales have accelerated their accumulation rate despite the recent crypto bearish outlook.
• Over the weekend, Chainlink Whale purchased 3.9 million LINK worth $20 million.
• The LINK price dropped to a three-year low of around $4.98 over the weekend following a capitulation in the entire crypto market.
Chainlink Network
The Chainlink (LINK) network remains an integral part of the growth of the decentralized financial ecosystem (DeFi). Less arguably, the Chainlink price feeds are used or needed by every other decentralized application (Dapp) developer. Moreover, the Chainlink network provides quality blockchain data from decentralized nodes at favorable prices. As a result, the Chainlink ecosystem has over the years attracted more crypto traders and speculators due to its real-world utility aspect and the fact that it is a digital asset with high potential on return over investment.
On-Chain Analysis
Market intelligence platform Santiment noted that mid-sized 1k- 10k LINK wallets have accelerated their accumulation rate. Additionally, these mid-sized whale accounts purchased a total of 3.9 million LINK over the weekend when the underlying value broke to the downside. Furthermore, Santiment noted that LINK whale transactions exceeding $1 million spiked to a 7-month high in the past few days.
Price Movement
The move coincided with LINK’s capitulation to three year low of about $4.98 after consolidating sideways for the past year. Over the weekend, Chainlink Whale purchased 3.9 million LINK worth $20 million but this did not stop its descent as it hit its lowest point in three years at around $4.98 shortly afterwords before finding support at this level and bouncing back slightly above it again since then .
Whale Accumulation
Despite all these developments, Chainlink whales have shown bullish sentiment as they continued accumulating their holdings while waiting for prices to bounce back up again in anticipation of future gains from this cryptocurrency asset class overall . This could be seen as an indication that they believe in this project long term and are confident that it will eventually reach higher highs than what it was trading at prior to this recent dip in prices .
Conclusion
The on chain analysis conducted by market intelligence platform Santiment shows us that mid sized 1k -10k wallets have been accelerating their accumulation rates despite current bearish sentiment in cryptos which could be seen as an indication of confidence towards Link’s longterm success and potentials for greater returns on investment going forward . The link whale purchases totaling 3million tokens worth 20$M during this dip also adds further fuel to this narrative suggesting bullish sentiment amongst investors even during times when markets are down trending overall .