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Breaking News: BREAKING: Valkyrie Secures Green Light For Ethereum Futures ETF, Trading Launching Tomorrow
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Crypto Analyst Shares Bullish Insights On Chainlink As Users Accumulate 295 Million LINK

Semilore Faleti by Semilore Faleti
2 months ago
in LINK
Reading Time: 3 mins read

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

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’s potential price action.

Related Reading: LINK Price Prediction: Chainlink Turns Attractive On Dips

29,000 Wallets Purchase 295 Million LINK Forming Major Support Level

On August 11, Ali posted 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.

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. 

LINK

Source: IntoTheBlock

According to Ali, a good number of LINK whales have already recognized the $6.63-6.88 zone as “robust” 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. 

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.

Using data from IntoTheBlock, the crypto analyst draws attention to the declining network activity on the Chainlink network in the last three weeks. 

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.

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. However, the token is up 3.66% and 17.67% in the last seven and thirty days, respectively.

Related Reading: Chainlink (LINK) Holds Above 14% Gains As Crypto Market Slumps Heavily

More Good News For Chainlink

Aside from Ali’s market analysis, there has been other positive news about Chainlink in recent days. Also, on August 11, market intelligence firm Santiment reported LINK had experienced its highest level of dormant coin movements in the last six weeks.

According to Santiment, this represented a decline in LINK’s mean dollar invested age curve, pointing to a decrease in the token’s time in wallets which is usually a precursor for a rise in market cap.

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

LINK

LINK trading at $7.432 on the daily chart | Source: LINKUSD chart on Tradingview.com
Featured image from Stockhead, chart from Tradingview
Tags: Ali Martinezbullish marketchainlinkcrypto analystLink
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Semilore Faleti

Semilore Faleti

Semilore Faleti is a cryptocurrency writer and analyst that works for NewsBTC, providing insights into the latest developments in the cryptocurrency world. With articles featured in other prominent publications such as Coinmash and Bitcoinist, Semilore has a known passion for covering the growing impact of blockchain technology in the global financial world. Beyond his professional work, Semilore has a deep interest in music and politics. He enjoys discovering new artists, attending concerts and music festivals, and closely following global affairs and issues of social justice and equality. You can follow Semilore on Twitter @SemiloreFaleti.

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