Chainlink Whales Accumulate $77 Million LINK Amid Price Correction – Details
Chainlink Whales Accumulate $77 Million LINK Amid Price Correction – Details Amid a general market retracement, prominent altcoin Chainlink has recorded a 29.89% price decline from its local market top at $30.31. LINK currently hovers around $21 having failed to move past $26 despite recent uptrends. During this price fall, LINK whales have adopted an accumulation approach signaling confidence in the altcoin’s long-term profitability. Chainlink Whales Acquire 3.58 Million LINK In 3 Days Following a strong bullish performance in early December, the crypto market has undergone a significant correction in the past two weeks attributed to several factors including a flash crash price and potential reductions of Fed rate cuts in 2025. As this corrective market persists, blockchain analytics company Santiment has reported an accumulation spree by LINK whales holding between 1 million-10 million LINK. In an X post on December 28, Santiment states that these large LINK holders have purchased 3.58 million LINK valued at $76.9 million over the past three days. Generally, significant levels of whale accumulation are indicated as bullish signals as these large token holders are confident of future gains. In the case of a price decline such as this, these massive accumulation levels reflect the belief that LINK is currently undervalued with a potential market rebound on the horizon. Source: SantimentRelated Reading: Chainlink And AAVE Surge After Trump’s Crypto Project Invests In Both Key Resistance Levels For LINK While high levels of whale accumulation are one sign of an impending price rally, analysis platform More Crypto Online has shared another positive insight on the LINK market. According to a recent X post, these market analysts state Chainlink still maintains an uptrend on larger time frames despite’s recent correction with its major support level set at $17.65. Based on the Elliott Wave Theory, If the LINK’s price holds above this level, the altcoin is predicted to rise to $69 in line with the expected third wave of the current market cycle. Source: @Morecryptoonl on XHowever, for confirmation of a price uptrend, Chainlink must break through resistance levels at $25.10 and $28.30. A decisive five-wave move above these levels would solidify the bullish case and suggest further price appreciation. In Elliott Wave theory, the five-wave structure is a reliable pattern indicating a strong trend continuation, making the breakthrough of these resistance levels pivotal for the ongoing rally. At the time of writing, Chainlink trades at $21.90 reflecting a 1.44% gain in the past 24 hours. However, the asset’s daily trading volume is down by 12.55% and valued at $726.44 million. With a market cap of $13.96 billion, LINK is ranked as the 13th largest cryptocurrency. LINK trading at $22.03 on the daily trading chart | Source: LINKUSDT chart on Tradingview.com Featured image from CoinMarketCap, chart from Tradiingview.com Semilore Faleti Semilore Faleti is a cryptocurrency writer specialized in the field of journalism and content creation. While he started out writing on several subjects, Semilore soon found a knack for cracking down on the complexities and intricacies in the intriguing world of blockchains and cryptocurrency. Semilore is drawn to the efficiency of digital assets in terms of storing, and transferring value. He is a staunch advocate for the adoption of cryptocurrency as he believes it can improve the digitalization and transparency of the existing financial systems. In two years of active crypto writing, Semilore has covered multiple aspects of the digital asset space including blockchains, decentralized finance (DeFi), staking, non-fungible tokens (NFT), regulations and network upgrades among others. In his early years, Semilore honed his skills as a content writer, curating educational articles that catered to a wide audience. His pieces were particularly valuable for individuals new to the crypto space, offering insightful explanations that demystified the world of digital currencies. Semilore also curated pieces for veteran crypto users ensuring they were up to date with the latest blockchains, decentralized applications and network updates. This foundation in educational writing has continued to inform his work, ensuring that his current work remains accessible, accurate and informative. Currently at NewsBTC, Semilore is dedicated to reporting the latest news on cryptocurrency price action, on-chain developments and whale activity. He also covers the latest token analysis and price predictions by top market experts thus providing readers with potentially insightful and actionable information. Through his meticulous research and engaging writing style, Semilore strives to establish himself as a trusted source in the crypto journalism field to inform and educate his audience on the latest trends and developments in the rapidly evolving world of digital assets. Outside his work, Semilore possesses other passions like all individuals. He is a big music fan with an interest in almost every genre. He can be described as a “music nomad” always ready to listen to new artists and explore new trends. Semilore Faleti is also a strong advocate for social justice, preaching fairness, inclusivity, and equity. He actively promotes the engagement of issues centred around systemic inequalities and all forms of discrimination. He also promotes political participation by all persons at all levels. He believes active contribution to governmental systems and policies is the fastest and most effective way to bring about permanent positive change in any society. In conclusion, Semilore Faleti exemplifies the convergence of expertise, passion, and advocacy in the world of crypto journalism. He is a rare individual whose work in documenting the evolution of cryptocurrency will remain relevant for years to come. His dedication to demystifying digital assets and advocating for their adoption, combined with his commitment to social justice and political engagement, positions him as a dynamic and influential voice in the industry. Whether through his meticulous reporting at NewsBTC or his fervent promotion of fairness and equity, Semilore continues to inform, educate, and inspire his audience, striving for a more transparent and inclusive financial future. Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. 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