{"id":546985,"date":"2023-08-12T15:50:53","date_gmt":"2023-08-12T15:50:53","guid":{"rendered":"https:\/\/ktsl888.com\/?p=546985"},"modified":"2024-06-11T07:45:14","modified_gmt":"2024-06-11T07:45:14","slug":"crypto-analyst-shares-bullish-insights-on-chainlink-as-users-accumulate-295-million-link","status":"publish","type":"post","link":"https:\/\/ktsl888.com\/news\/chainlink\/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":"<p><span style=\"font-weight: 400\">Chainlink (LINK) has been one of the top trending tokens in recent weeks due to a combination of an <a href=\"https:\/\/ktsl888.com\/news\/chainlink\/chainlink-link-holds-above-14-gains-as-crypto-market-slumps-heavily\/\" target=\"_blank\" rel=\"noopener \">overall positive price movement<\/a> as well as <a href=\"https:\/\/ktsl888.com\/altcoin\/chainlink-ccip-goes-live-on-mainnet-link-jumps-by-nearly-10\/\" target=\"_blank\" rel=\"noopener \">exciting on-chain developments.<\/a>\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">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.<\/span><\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/ktsl888.com\/analysis\/link\/link-price-prediction-chainlink-8-80\/\" target=\"_blank\" rel=\"noopener \">LINK Price Prediction: Chainlink Turns Attractive On Dips<\/a><\/div>\n<h2><strong>29,000 Wallets Purchase 295 Million LINK Forming Major Support Level<\/strong><\/h2>\n<p><span style=\"font-weight: 400\">On August 11, Ali <a href=\"https:\/\/twitter.com\/ali_charts\/status\/80811264?s=20\" target=\"_blank\" rel=\"noopener nofollow\">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.<\/span><\/p>\n<p><span style=\"font-weight: 400\">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<\/span><\/p>\n<p><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"size-large wp-image-546994 aligncenter\" src=\"https:\/\/ktsl888.com\/wp-content\/uploads\/2023\/08\/F3P-x0vWMAECGqJ.jpeg?w=860&#038;resize=860%2C324\" alt=\"LINK\" width=\"860\" height=\"324\" srcset=\"https:\/\/ktsl888.com\/wp-content\/uploads\/2023\/08\/F3P-x0vWMAECGqJ.jpeg?w=2338 2338w, https:\/\/ktsl888.com\/wp-content\/uploads\/2023\/08\/F3P-x0vWMAECGqJ.jpeg?w=460 460w, https:\/\/ktsl888.com\/wp-content\/uploads\/2023\/08\/F3P-x0vWMAECGqJ.jpeg?w=768 768w, https:\/\/ktsl888.com\/wp-content\/uploads\/2023\/08\/F3P-x0vWMAECGqJ.jpeg?w=860 860w, https:\/\/ktsl888.com\/wp-content\/uploads\/2023\/08\/F3P-x0vWMAECGqJ.jpeg?w=1536 1536w, https:\/\/ktsl888.com\/wp-content\/uploads\/2023\/08\/F3P-x0vWMAECGqJ.jpeg?w=2048 2048w, https:\/\/ktsl888.com\/wp-content\/uploads\/2023\/08\/F3P-x0vWMAECGqJ.jpeg?w=750 750w, https:\/\/ktsl888.com\/wp-content\/uploads\/2023\/08\/F3P-x0vWMAECGqJ.jpeg?w=1140 1140w\" sizes=\"auto, (max-width: 860px) 100vw, 860px\"><\/p>\n<pre style=\"text-align: center\">Source: IntoTheBlock<\/pre>\n<p><span style=\"font-weight: 400\">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<\/span><\/p>\n<p><span style=\"font-weight: 400\">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.<\/span><\/p>\n<p><span style=\"font-weight: 400\">Using data from IntoTheBlock, the crypto analyst draws attention to the declining network activity on the Chainlink network in the last three weeks.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">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.<\/span><\/p>\n<p><span style=\"font-weight: 400\">At the time of writing, LINK is exchanging hands at $7.44, with a 1.36% decline in the last day, <a href=\"https:\/\/coinmarketcap.com\/currencies\/chainlink\/\" target=\"_blank\" rel=\"noopener nofollow\">according to data from CoinMarketCap<\/a>. However, the token is up 3.66% and 17.67% in the last seven and thirty days, respectively.<\/span><\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/ktsl888.com\/news\/chainlink\/chainlink-link-holds-above-14-gains-as-crypto-market-slumps-heavily\/\" target=\"_blank\" rel=\"noopener \">Chainlink (LINK) Holds Above 14% Gains As Crypto Market Slumps Heavily<\/a><\/div>\n<h2><strong>More Good News For Chainlink<\/strong><\/h2>\n<p><span style=\"font-weight: 400\">Aside from Ali\u2019s market analysis, there has been other positive news about Chainlink in recent days.\u00a0<\/span><span style=\"font-weight: 400\">Also, on August 11, market intelligence firm Santiment <a href=\"https:\/\/twitter.com\/santimentfeed\/status\/45075712?s=20\" target=\"_blank\" rel=\"noopener nofollow\">reported<\/a> LINK had experienced its highest level of dormant coin movements in the last six weeks.<\/span><\/p>\n<p><span style=\"font-weight: 400\">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.<\/span><\/p>\n<p><span style=\"font-weight: 400\">In addition, Chainlink has <a href=\"https:\/\/bitcoinist.com\/chainlink-developer-activity-link-up-44-june-lows\/\" target=\"_blank\" rel=\"noopener nofollow\">maintained a rise in its development activity<\/a> over the last few months. Based on<a href=\"https:\/\/app.santiment.net\/charts?settings=%7B%22slug%22%3A%22chainlink%22%2C%22ticker%22%3A%22LINK%22%2C%22from%22%3A%222023-02-07T20%3A59%3A59.357Z%22%2C%22to%22%3A%222023-08-07T20%3A59%3A59.357Z%22%7D&amp;widgets=%5B%7B%22widget%22%3A%22HolderDistributionCombinedBalanceWidget%22%2C%22wm%22%3A%5B%22%5B3%3Bpercent_of_holders_distribution_combined_balance%3B100k_to_1M%3B1M_to_10M%5D%22%2C%22dev_activity%22%5D%2C%22whm%22%3A%5B%5D%2C%22wax%22%3A%5B0%2C1%5D%2C%22wpax%22%3A%5B%5D%2C%22wc%22%3A%5B%22%23FFCB47%22%2C%22%238358FF%22%5D%2C%22ws%22%3A%7B%221%22%3A%7B%22interval%22%3A%227d%22%2C%22node%22%3A%22area%22%2C%22transform%22%3A%7B%22type%22%3A%22moving_average%22%2C%22movingAverageBase%22%3A42%7D%7D%7D%7D%5D&amp;layout=21256\" target=\"_blank\" rel=\"noopener nofollow\"> data from Santiment,<\/a> development activity on Chainlink went up from 1579.12 on May 31 to 1706.48 on August 3.\u00a0<\/span><\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-large\" src=\"https:\/\/www.tradingview.com\/x\/vmR3zc6k\/\" alt=\"LINK\" width=\"1480\" height=\"906\"><\/p>\n<pre style=\"text-align: center\">LINK trading at $7.432 on the daily chart | Source: <a href=\"https:\/\/www.tradingview.com\/chart\/xg17RJqK\/?symbol=COINBASE%3ALINKUSD\" target=\"_blank\" rel=\"noopener nofollow\">LINKUSD chart on Tradingview.com<\/a><\/pre>\n<div class=\"disclaimer-shortcode\"><em>Featured image from Stockhead, chart from Tradingview<\/em><\/div>\n","protected":false},"excerpt":{"rendered":"<p>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.\u00a0 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. 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.\u00a0 Source: IntoTheBlock 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 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.\u00a0 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\u2019s market analysis, there has been other positive news about Chainlink in recent days.\u00a0Also, 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\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. 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.\u00a0 LINK trading at $7.432 on the daily chart | Source: LINKUSD chart on Tradingview.com Featured image from Stockhead, chart from Tradingview<\/p>\n","protected":false},"author":581,"featured_media":546996,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[83381],"tags":[87818,89107,16295,26263,16097],"class_list":["post-546985","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-chainlink","tag-ali-martinez","tag-bullish-market","tag-chainlink","tag-crypto-analyst","tag-link"],"acf":[],"yoast_head":"\n<title>Crypto Analyst Shares Bullish Insights on Chainlink As Users Accumulate 295 Million LINK<\/title>\n<meta name=\"description\" content=\"Following a recent buying 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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. 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