Chainlink Whales Bag Over 6.2M Coins Amid LINK Weekly Correction, Rebound Ahead?

Chainlink whales have taken the crypto market by storm, accumulating colossal amounts of LINK amid a weekly correction taken by the token. In a post shared by the renowned crypto market analyst Ali Martinez today, July 8, it was pointed out that whales bagged a staggering 6.2 million LINK over the past week.

This on-chain data has glimmered significant optimism on the crypto’s future price run. Here’s a brief report on the data and why it adds a bullish tint to LINK.

Whales Sack $76M Worth Coins

According to data spotlighted by Ali Martinez, Chainlink whales took action to hoard over 6.2 million LINK, worth $76.88 million, in the past seven days. LINK’s weekly chart illustrated a 9.71% fall at press time, with price dipping as low as $11.17 in the past seven days, per CoinMarketCap’s data.

This waning price action appears to have urged a potential buy-the-dip strategy among crypto market whales, driving the abovementioned accumulation. Usual market sentiments convey optimism for the crypto, hinting at large-scale investors’ confidence in the asset’s potential to pump ahead.

Meanwhile, recent data by Santiment highlighted that LINK’s 30-day MVRV rested at 11.1%, hinting that the asset is an opportunity zone. For context, the lower the MVRV, the more undervalued an asset, paving the path for buyers to enter the LINK market and pump the coin.

Also, despite the weekly dip in price, LINK has regained an upward momentum today, aligning with the accumulations and MVRV.

Also Read: XRP Whale Moves 37M Tokens As Lawyer Reveals Ripple Vs SEC Timeline

LINK Price Soars

At press time, the LINK price showed a 4.71% upswing in the past 24 hours and is currently resting at $13.44. The token’s 24-hour slumps and peaks were $11.83 and $13.44, underlining the presence of turbulency in tandem with broader market trends.

Nonetheless, Coinglass data spotlighted a market uptrend for Chainlink, as its Futures OI and derivatives volume surged remarkably. LINK’s OI jumped 5.60% to 157.16 million, whereas the derivatives volume surged 56.70% to $423.68 million. This data indicated increased investor interest in the asset and increased derivatives market activity.

However, the RSI rested along the 46 mark, hinting at broader asset neutrality. This hints at an uncertain movement for the token ahead, although on-chain data has projected a ray of optimism on the coin’s long-term prospects.

CoinGape Media’s recent price analysis hinted that Chainlink (LINK) price might even be poised to hit $20 amid bullish support gained by on-chain factors.

Also Read: German Govt Moves 1000 Bitcoin To Coinbase & Other Addresses

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