Altcoin whales are always picking up a losing cryptocurrency. The accumulation of whales has now reached 2019 levels.
Altcoin whales continue to accumulate in bear market
Over the past year, addresses holding 10,000-1 million LINK have amassed 4.73% of the network’s current supply. This means 47.31 million LINK at a price of 307.52 million dollars compared to the market price.
Santiment’s on-chan metric MVRV (Market Price Realized Value) shows that investors are unlikely to lose hope of a valuable recovery. This index highlights the profit or loss of LINK traders. It tracks the last price each token moved to compared to the current market price.
As in the case of Chainlink, a negative MVRV index means that the token is undervalued. As the price tends to correct at the fair market expense, we can see a trend on the upside with the pressure the whales put on as they fill their bags.
Chainlink price closes with solid reinforcement
The lower boundary of the falling parallel channel supports LINK price at $6.44. Over the past four weeks, the price has bounced from this level twice. Thus, the region turns into a suitable base area. If the bulls manage to defend this level, a new bullish move will emerge to lead Chainlink price to the upper end of the pattern. A possible break to $8.00 will set a blow for a move to $8.50 on the cards.
On the other hand, the MACD indicator has recently given a sell signal to investors. Rates were on the bearish side as the 12-day EMA (blue) crossed below the 26 (red) day. Therefore, it would be unreasonable to go long until LINK exhausts the downtrend and confirms the foothold. Stubborn shorts will continue to sell Chainlink. FXStreet analyst John Isige thinks shorts would prefer $6.20 for a potential take-profit level. If this level acts as a reinforcement, buyers will have an opportunity to take position.
Altcoin accumulation may be related to project’s recent announcement
Chainlink has featured a number of valuable announcements that have kept its community alive throughout the bear market era. Speaking at SmartCon22, Chainlink Co-Founder Sergey Nazarov announced plans to launch staking at the end of 2022, in addition to a new economic model for the Web3 services platform. On September 29, international banking network SWIFT announced that it is collaborating with Chainlink. This move paves the way for enterprise adoption of Distributed Ledger Technology (DLT).
According to Chainlink’s official website, the process cost the network has provided so far is $6.1 trillion. Koindeks.com As you follow, LINK is currently trading at $ 6.91. At market expense, the 24-hour process volume was $419 million to $3.67 billion.