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Chainlink Whales Cashes In Over 6.2M Coins During LINK Weekly Correction, Recovery In Sight?
Mesh sweater Whales have taken the cryptocurrency market by storm, amassing colossal amounts of LINK amid a weekly correction for the token. In a post shared by renowned cryptocurrency market analyst Ali Martinez earlier today, July 8, it was noted that Whales pocketed a staggering 6.2 million LINK last week.
This on-chain data has given rise to considerable optimism about the cryptocurrency’s future price rally. Here’s a brief report on the data and why it adds a bullish tone to LINK.
Whales Loot $76 Million Worth of Coins
According to data highlighted by Ali Martinez, Chainlink whales have acted to accumulate over 6.2 million LINK, worth $76.88 million, over the past seven days. LINK’s weekly chart is down 9.71% at press time, with the price dropping as low as $11.17 over the past seven days, according to CoinMarketCap.
This declining price action seems to have prompted a potential buy-the-dip strategy among cryptocurrency market whales, driving the aforementioned accumulation. The usual market sentiments convey optimism for the cryptocurrency, suggesting broad-based investor confidence in the asset’s potential to pump forward.
Meanwhile, recent data from Santiment showed that LINK’s 30-day MVRV stood at 11.1%, suggesting that the asset is an opportunity zone. For context, the lower the MVRV, the more undervalued an asset is, paving the way for buyers to enter the LINK market and pump the coin.
Furthermore, despite the weekly price decline, LINK resumed upward momentum today, aligning with accumulations and MVRV.
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LINK The price skyrockets
At press time, the Price LINK has shown a 4.71% upside in the last 24 hours and currently stands at $13.44. The token’s lows and highs in the last 24 hours were $11.83 and $13.44, underscoring the presence of turbulence in tandem with broader market trends.
However, Coinglass data showed a bullish market trend for Chainlink, as its Futures OI and derivatives volume increased significantly. LINK’s OI jumped 5.60% to $157.16 million, while derivatives volume increased 56.70% to $423.68 million. This data indicated increased investor interest in the asset and increased derivatives market activity.
However, the RSI has settled at the 46 level, suggesting broader asset neutrality. This suggests an uncertain move for the token going forward, although on-chain data has cast a ray of optimism on the coin’s long-term prospects.
Recent price analysis from CoinGape Media has suggested that Chainlink (LINK) Price It might even be ready to reach $20 thanks to the bullish support it gets from on-chain factors.
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