Altcoin Analysis: Exploring Chainlink (LINK) and Whale Accumulation
Whale Activity Signals LINK Recovery
Users holding between 100,000 and 1,000,000 LINK tokens are showing signs of recovery after a recent correction. Tracking these whales is crucial as they significantly influence market direction.
When whales accumulate or hold large amounts of a token, it can signal strong confidence in the asset, while a reduction indicates bearish sentiment. Their numbers have grown from 489 to 502 in a week, suggesting a recovery in whale activity.
MVRV Ratio Suggests Potential for LINK Rebound
The LINK 7-day MVRV ratio currently sits at -4.41%, a decline indicating market stress and potential for a rebound. Historically, when this ratio drops below -6%, LINK has shown recovery tendencies.
LINK Price Prediction: Potential Challenges Ahead
LINK's EMA lines indicate bearish momentum, forming a death cross earlier in October. If the current trend continues, LINK price could test support levels around $9.9 and $9.3. However, renewed whale activity could suggest a potential rebound if selling pressure eases.
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.