{"id":28137,"date":"2023-08-12T15:53:21","date_gmt":"2023-08-12T19:53:21","guid":{"rendered":"http:\/\/cryptocornercafe.com\/cafe\/?p=28137"},"modified":"2023-08-12T15:53:21","modified_gmt":"2023-08-12T19:53:21","slug":"crypto-analyst-shares-bullish-insights-on-chainlink-as-users-accumulate-295-million-link","status":"publish","type":"post","link":"http:\/\/cryptocornercafe.com\/cafe\/2023\/08\/12\/crypto-analyst-shares-bullish-insights-on-chainlink-as-users-accumulate-295-million-link\/","title":{"rendered":"Crypto Analyst Shares Bullish Insights On Chainlink As Users Accumulate 295 Million LINK"},"content":{"rendered":"

Chainlink (LINK) has been one of the top trending tokens in recent weeks due to a combination of an overall positive price movement<\/a> as well as exciting on-chain developments.<\/a>\u00a0<\/p>\n

Following a recent buying spree in the LINK market, crypto analyst Ali Martinez has taken to social media platform X, providing some insights on the token\u2019s potential price action.<\/p>\n

29,000 Wallets Purchase 295 Million LINK Forming Major Support Level<\/strong><\/h2>\n

On August 11, Ali posted<\/a> on X stating that Chainlink has established a strong support zone between $6.63 and $6.88 as about 29,000 addresses purchased over 295 million LINK at this price range based on data from analytics firm IntoTheBlock.<\/p>\n

Moving on, he postulated that as long as the altcoin was trading above this price zone, investors were likely to continuously remain bullish, especially as Soon-chain data shows that there are no significant resistance levels ahead.\u00a0<\/p>\n\n

According to Ali, a good number of LINK whales have already recognized the $6.63-6.88 zone as \u201crobust\u201d price support and are actively accumulating more tokens. He highlighted that in the past 14 days, LINK whales have purchased an estimated 13 million LINK worth around $91 million.\u00a0<\/p>\n

However, while these developments may be considered indications of a bullish LINK market, Ali states that traders anticipating a market breakout may still need to exercise some patience.<\/p>\n

Using data from IntoTheBlock, the crypto analyst draws attention to the declining network activity on the Chainlink network in the last three weeks.\u00a0<\/p>\n

Ali stated that during this period, the number of large LINK transactions had gone down from 527 to 118. He concluded his market report by stating a boost in this metric is likely to precede any market breakout.<\/p>\n

At the time of writing, LINK is exchanging hands at $7.44, with a 1.36% decline in the last day, according to data from CoinMarketCap<\/a>. However, the token is up 3.66% and 17.67% in the last seven and thirty days, respectively.<\/p>\n

More Good News For Chainlink<\/strong><\/h2>\n

Aside from Ali\u2019s market analysis, there has been other positive news about Chainlink in recent days.\u00a0Also, on August 11, market intelligence firm Santiment reported<\/a> LINK had experienced its highest level of dormant coin movements in the last six weeks.<\/p>\n

According to Santiment, this represented a decline in LINK\u2019s mean dollar invested age curve, pointing to a decrease in the token\u2019s time in wallets which is usually a precursor for a rise in market cap.<\/p>\n

In addition, Chainlink has maintained a rise in its development activity<\/a> over the last few months. Based on data from Santiment,<\/a> development activity on Chainlink went up from 1579.12 on May 31 to 1706.48 on August 3.\u00a0<\/p>","protected":false},"excerpt":{"rendered":"

<\/p>\n

Chainlink (LINK) has been one of the top trending tokens in recent weeks due to a combination of an overall positive price movement<\/a> as well as exciting on-chain developments.<\/a>\u00a0<\/p>\n

Following a recent buying spree in the LINK market, crypto analyst Ali Martinez has taken to social media platform X, providing some insights on the token\u2019s potential price action.<\/p>\n

29,000 Wallets Purchase 295 Million LINK Forming Major Support Level<\/strong><\/h2>\n

On August 11, Ali posted<\/a> on X stating that Chainlink has established a strong support zone between $6.63 and $6.88 as about 29,000 addresses purchased over 295 million LINK at this price range based on data from analytics firm IntoTheBlock.<\/p>\n

Moving on, he postulated that as long as the altcoin was trading above this price zone, investors were likely to continuously remain bullish, especially as Soon-chain data shows that there are no significant resistance levels ahead.\u00a0<\/p>\n

According to Ali, a good number of LINK whales have already recognized the $6.63-6.88 zone as \u201crobust\u201d price support and are actively accumulating more tokens. He highlighted that in the past 14 days, LINK whales have purchased an estimated 13 million LINK worth around $91 million.\u00a0<\/p>\n

However, while these developments may be considered indications of a bullish LINK market, Ali states that traders anticipating a market breakout may still need to exercise some patience.<\/p>\n

Using data from IntoTheBlock, the crypto analyst draws attention to the declining network activity on the Chainlink network in the last three weeks.\u00a0<\/p>\n

Ali stated that during this period, the number of large LINK transactions had gone down from 527 to 118. He concluded his market report by stating a boost in this metric is likely to precede any market breakout.<\/p>\n

At the time of writing, LINK is exchanging hands at $7.44, with a 1.36% decline in the last day, according to data from CoinMarketCap<\/a>. However, the token is up 3.66% and 17.67% in the last seven and thirty days, respectively.<\/p>\n

More Good News For Chainlink<\/strong><\/h2>\n

Aside from Ali\u2019s market analysis, there has been other positive news about Chainlink in recent days.\u00a0Also, on August 11, market intelligence firm Santiment reported<\/a> LINK had experienced its highest level of dormant coin movements in the last six weeks.<\/p>\n

According to Santiment, this represented a decline in LINK\u2019s mean dollar invested age curve, pointing to a decrease in the token\u2019s time in wallets which is usually a precursor for a rise in market cap.<\/p>\n

In addition, Chainlink has maintained a rise in its development activity<\/a> over the last few months. Based on data from Santiment,<\/a> development activity on Chainlink went up from 1579.12 on May 31 to 1706.48 on August 3.\u00a0<\/p>\n

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