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- Chainlink has been accumulated massively by whales ahead of a potential rally.
- Weiss has also upgraded its rating of Chainlink to “A-“, rubbing shoulders with Bitcoin.
Chainlink (LINK) has in the past three months surged by 124 percent to hit $14.2. Within the period, $7.88 has been added to the previous price. In the last 30 days, the asset has surged by 37 percent, with a current bullish market sentiment with a score of 64/100. Prior to the bullish run, whales had accumulated the asset in large quantities according to the Santiment report.
The accumulation process was reportedly initiated on October 17, when the asset was trading around $7. With about 40 million LINK tokens accumulated within the period, the total tokens held by leading addresses increased to 736 million from 693 million. The cumulative volume held by these addresses as of press time stood at 741 million.
This data indicated that Chainlink activities were on an upward surge at the end of October. Prior to this period, transaction numbers were reportedly below 100 with spikes recorded occasionally. Interestingly, the number of transactions started increasing from October 23. The transaction count exceeded 500 by November 9. This was the highest ever recorded this year. The transaction count had fallen to 96 as of press time. Regardless, it still has a better standing compared to most of the year.
The daily timeframe chart of Link indicates an 8 percent surge in the price of the asset, indicating a parabolic movement. Link has seen a 0.78 percent decline in the last 24 hours and a 4 percent decline in the last seven days. However, its upward potential is supported by the Relative Strength Index (RSI) which has a reading of above 50. Its Moving Average Convergence Divergence (MACD) is also above one, indicating a bullish momentum. According to analysts, the asset could finish the year at a maximum price of $25.56.
Just recently, respected finance and crypto ratings agency Weiss announced it has upgraded Chainlink’s rating to “A”. This implies that Chainlink is the only “A” rated crypto asset apart from Bitcoin.
We have just upgraded Chainlink to an “A-” rating. That makes $LINK one of the only two cryptocurrencies currently in our “A” range, along with $BTC.
According to reports, the rating considers “historical data, tech and adoption developments, and market performance”.
The assets in the “B” are few including 0x (ZRX), Cardano (ADA), Polygon (MATIC), Status (SNT), and Ethereum (ETH). Three of the sixteen cryptos in this category have also been downgraded and these are Aave (AAVE), Loom Network (LOOM), and Stellar Lumens (XLM).
324 crypto assets have so far been rated by Weiss so far with only a few in the A and B categories. 109 assets are in category C with D and E category having almost 60 percent of the assets.
According to Weiss analyst Chris Coney, newbies should start their investment journey with Bitcoin and avoid greed.
In my personal opinion, no one should be touching any other crypto asset if they have not yet established a foundational position in Bitcoin.