Top 100 ChainLink (LINK) Whales Have Grown their Bags by 5% in 1 Yr
- According to data from Santiment, the top 100 non-exchange addresses have grown their bags by 5% in the last year
- ChainLink whales held 735.64 million LINK a year ago
- This number is now 771.15 million LINK indicating increased confidence in the digit asset
- LINK has regained the $10 psychological support level as a result of a crypto-wide rally
ChainLink whales have grown their holdings of LINK by approximately 5% in the last year. This is according to data from the team at Sentiment which illustrates that one year ago, the top 100 non-exchange Chainlink addresses held 735.64 million LINK. That number now stands at 771.15 million LINK indicating a level of confidence from the said Chainlink whales regarding the future of the digital asset.
The team at Santiment shared this analysis via the following tweet with an accompanying chart demonstrating the accumulation of LINK by ChainLink whales.
🐳 The top $LINK non-exchange whales continue their gradual accumulation pattern. As seen on our chart, the top 100 non-addresses held 735.64M a year ago. Now up to 771.15M, the ~5% increase is indicative of clear whale confidence in the asset's longevity. https://t.co/kU5mvkZJmN pic.twitter.com/lrQLX5hHdl
— Santiment (@santimentfeed) October 9, 2020
ChainLink (LINK) Regains $10 Due to a Crypto-Wide Rally
In terms of market performance, ChainLink (LINK) is once again trading above the $10 psychological price level. At the time of writing, LINK is valued at $10.64 and looks set to retest the $10.80 to $10.90 resistance level.
A few days ago, ChainLink (LINK) looked ready to fall to the $7 price level after it broke its $8.80 support level. However, the crypto markets have been rejuvenated due to the two events below.
- President Trump reconsidering a second stimulus bill worth $1.8 trillion. This is after he rejected an initial $2.2 Trillion offer from House Democrats
- Square announced that it had invested $50 Million into Bitcoin (BTC)
Further revisiting the daily LINK/USDT chart below, the following can be observed.
- Daily trade volume is in the green
- ChainLink bounced off the $8.80 support zone once again
- The 100-day moving average (yellow) is providing short term resistance for LINK at the $10.80 – $10.90 price area
- The 50-day moving average (white) highlights an area of resistance around the $11.50 price area
- The daily MACD has crossed in a bullish manner above the baseline
- The daily MFI is in neutral territory at 45
Summing it up, ChainLink is once again in bullish territory as seen through the brief analysis of the daily LINK/USDT chart. Furthermore, the general mood of the crypto-verse is one of optimism brought about by President Trump offering a $1.8 trillion stimulus bill and Square buying $50 million in Bitcoin.
Additionally, Chainlink whales have continued to add to their LINK bags thus providing a level of confidence regarding the long-term value of the digital asset.
As with all analyses of ChainLink, traders and investors are advised to use adequate stop losses and low leverage when trading LINK on the various derivatives platforms.