Chainlink Whale Transactions Hit Yearly High As LINK Price Revisits 3-Year Low
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The Chainlink (LINK) network remains an integral part of the growth of the decentralized financial ecosystem (DeFi). Less arguably, the Chainlink price feeds are used or needed by every other decentralized application (Dapp) developer.
Moreover, the Chainlink network provides quality blockchain data from decentralized nodes at favorable prices. As a result, the Chainlink ecosystem has over the years attracted more crypto traders and speculators due to its real-world utility aspect and the fact that it is a digital asset with high potential on return over investment.
Closer Look at Chainlink On-Chain
According to an on-chain analysis conducted by market intelligence platform Santiment, the Chainlink whales have accelerated their accumulation rate despite the recent crypto bearish outlook. Precisely, Chainlink wallets holding between 1k to 10k LINK have risen to this year’s ATH. Additionally, these mid-sized whale accounts purchased a total of 3.9 million LINK over the weekend when the underlying value broke to the downside.
Interestingly, Santiment noted that LINK whale transactions exceeding $1 million spiked to a 7-month high in the past few days.
Bullish in Disguise
The Chainlink whales have shown bullish sentiment despite the underlying LINK price breaking out to the downward side over the weekend. Notably, the LINK price dropped to a three-year low of around $4.98 over the weekend following a capitulation in the entire crypto market. However, the LINK price hit a rather strong support level, which could guarantee a rebound toward a rising channel. Currently, the LINK price is still trapped in a bearish channel that began in May 2021.
