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Chainlink whales add 5.12 million LINK as small retail eyes profit deals

source-logo  invezz.com 17 October 2023 07:54, UTC

The price of Chainlink has retreated by about 1.5% in the past 24 hours, currently trading around $7.48 on major exchanges. The intraday peak per data from CoinGecko early Tuesday is near $7.80, with the minor dip coming as retail traders look to take profits after recent gains that have LINK price up 20% in the past 30 days.

Meanwhile, on-chain data shows the top LINK holders cohort, the so-called whales with 100,000 to 1 million token holdings, have pushed their total wallet value to a six-year high. The accumulation has increased as institutional support continues to trigger positive sentiment for the altcoin.

Whales bought over 5.12 million LINK this past week

Market intelligence platform Santiment shared on-chain data for Chainlink on Monday showing the LINK was holding near a key support level amid profit deals from small retail traders. But amid this scenario was aggressive accumulation by whales, who according to the platform, had added more than 5.12 million LINK tokens worth over $38 million to their total holdings in the past week.

Sentiment wrote on X:

“Chainlink sits at $7.51, now +30% in the past 5 weeks. In this time, wallets with 100K-1M $LINK have accumulated aggressively, with $38.5M in coins added in the past week alone. Their moves are more relevant than small retail traders taking profits.”

Chainlink price outlook

The whale activity continues a recent flip in positivity for Chainlink, driven by greater adoption of the blockchain protocol’s technology. The altcoin is also forecast to explode amid an uptick in real-world asset tokenisation, a sector that has attracted global financial giant JPMorgan.

This outlook has helped the overall outlook for tokenisation and aided the recent positive momentum for Chainlink price. Despite the declines seen in the past 24 hours, LINK/USD could therefore remain on a bullish path and possibly flip higher if price breaks above $8.00.

However, the positive picture might depend on whether bulls hold above the $7.40 support area. If there’s a revisit of the demand zone near $7.00, LINK could risk a fresh dip to September lows of $5.80.

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