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LINK Becomes Most Traded Token Among Ethereum Whales in Last 24 Hours

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Chainlink-whale

Though Chainlink fails to impress investors with strong price action, whales are still interested in trading it around.

Chainlink (LINK) becomes the most traded cryptocurrency among the 1,000 largest Ethereum wallets, according to the WhaleStats tracking service. The token’s volume totaled $2 million approximately.

In the last 24 hours, whales chose to trade Chainlink more than more famous tokens like SHIB, CRO, OKB and others. According to the holdings leaderboard, Chainlink found itself remaining in sixth place, with $380 million in holdings among the largest wallets on the network.

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In the previous week, whales exited the majority of their previously opened positions due to a global market correction that took place on both the Bitcoin and altcoin markets. The most popular token for whales still remains the SHIB token.

Unfortunately for LINK holders, the token lost more than 7% of its value while gaining back approximately 9% on the weekend. The continued sell-off might be tied to Bitcoin’s price action. The digital gold also lost around 4% on the weekend. Some analysts note that the cryptocurrency market correction might be tied to the global risk-off on financial markets.

Link Daily Chart
Source: TradingView

At press time, LINK is trading at $27.2 and losing 6.5% of its value. In the last month, Chainlink lost 17% and 30% of the local peak reached on Nov. 10 after Bitcoin also tested the new high.

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Chainlink price needs to hold above $22 for LINK to avoid steep crash

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  • Chainlink price is under pressure from global markets entering risk-off mode, creating headwinds in cryptocurrencies.
  • LINK price already broke $24.55, and the monthly pivot at $23.50. 
  • Should market turmoil accelerate, expect a test of $21.62, and a break  lead to acceleration lower.

Chainlink (LINK) price has fallen following  global market turmoil as investor’s increasingly reach for safe-haven assets whilst dropping riskier holdings.. Following these headwinds, bulls have seen yesterday’s gains quickly reversed, and the downturn since the beginning of November gain additional confirmation. Expect a break of $21.62 to see an accelerated sell-off towards $15, accounting for 45% losses.

Chainlink price could form a falling knife as bulls flee the scene

Chainlink faces double support with the historical level at $24.55 and the monthly pivot at $23.25, which for now looks to be holding, or at least slowing down the selling pressure.Sentiment is backing the LINK price to fall further as sell-side volume accelerates and these support levels are now likely to be penetrated. Expect further downward pressure towards $21.62, the historical August 5 level which was also respected during September. 

LINK price may see some let up in the sell off from profit-taking along the way lower, eventually leading to a make-or-break moment when bears try to pierce $21.62. Whilst there may initially be a bounce off that level it will probably be followed by a break below, which would then see a massive acceleration as sidelined bears seek to jump on the descending bandwagon. The move could lead to an overall 30% devaluation..

LINK/USD daily chart

LINK/USD daily chart

$14.95 could provide an eventual bottom, but many bears will want to lock in some profit on the way down at around $17.00 and the S2 support level. At these levels bulls will have the opportunity to pick up Chainlink at a very attractive discount. Expect a reversal from this zone, and a surge to the upside as the buy-side volume overtakes sell-side action, withLINK price rising back up towards $21.62.

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Chainlink Price Analysis: LINK swiftly recovers back above $26, another lower high to be set today?

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  • Chainlink price analysis is bullish today.
  • LINK/USD set lower low above $25 yesterday.
  • Recovery above the previous low seen this morning.

Chainlink price analysis is bullish today as we expect further recovery after a slightly lower low set yesterday above the $25 mark. Therefore, LINK/USD should see more upside today, with the 28 mark as the next resistance.

Chainlink Price Analysis: LINK swiftly recovers back above $26, another lower high to be set today? 1
Cryptocurrency heat map. Source: Coin360

The market overall saw bullish momentum return over the last 24 hours as sellers are exhausted. Bitcoin gained 2.72 percent, while Ethereum 2.18 percent. Meanwhile, Avalanche (AVAX) is among the top performers, with a gain of over 11 percent.

Chainlink price movement in the last 24 hours: Chainlink sets lower low at $25, starts the day bullish

LINK/USD traded in a range of $25.20 – $26.79, indicating a moderate amount of volatility over the last 24 hours. Trading volume has increased by 20 percent, totaling $949.7 billion, while the total market cap trades around $12.49 billion, ranking the coin in 19th place overall.

LINK/USD 4-hour chart: LINK to set lower high today?

On the 4-hour chart, we can see the Chainlink price rapidly retracing yesterdays loss as another lower high should be set today.

Chainlink Price Analysis: LINK recovers back above $26, another lower high to be set today?
LINK/USD 4-hour chart. Source: TradingView

Chainlink price has seen strong bearish momentum since a new major swing high was set at $38 on the 10th of November. After an initial drop to $33, a consolidation followed until the middle of the month, when another spike lower was seen.

Support was initially reached at $28, with further push lower following on the 18th of November, taking LINK/USD to $26. After a slight recovery over the weekend, sellers took over again on Monday, slowly pushing the market lower until the $26 mark was tested again yesterday.

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The Chainlink price could not hold for long, breaking below the support and establishing a new lower low above $25. Since then, LINK/USD has seen a quick recovery above $26, with further upside likely to be tested later today.

Chainlink Price Analysis: Conclusion 

Chainlink price analysis is bearish today as we currently see strong retracement looking to set another higher low. Therefore, LINK/USD should see further upside later today as the market has not yet peaked.

While waiting for Chainlink to move further, see our articles on the Best Crypto Wallet 2021, Decred Wallet, and Ripple vs SEC.

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Ethereum whales have a master plan for Chainlink after prolonged consolidation

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  • Top 1000 Ethereum whales actively trade more Chainlink than Shiba Inu and Crypto.com tokens put together.
  • Chainlink’s trade volume surpassed $2 million, and the altcoin was more popular than SHIB and CRO tokens. 
  • Analysts set a bullish $38 target for LINK price based on a similarity between current and previous trends. 

The top 1000 Ethereum whale wallets are actively trading Chainlink, and the altcoin is preparing for a comeback after prolonged consolidation. 

Ethereum whales trigger a spike in Chainlink’s on-chain activity

Chainlink has dropped out of the top 15 cryptocurrencies by market capitalization and suffered prolonged consolidation. Chainlink continues to onboard new partners through its oracle service, leading to increased popularity for the altcoin over the past quarter. 

The top 1000 Ethereum whale wallets are a major contributor to the rise in Chainlink trading volume. Chainlink has topped the list of most traded cryptocurrencies by whale wallets, dominating Shiba Inu and Crypto.com. 

Chainlink is the sixth most popular cryptocurrency among traders, with $380 million in holdings of the top Ethereum whales. Proponents consider that the recent drop in Chainlink price may be linked to the risk-off trend in financial markets. 

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Chainlink network’s total value locked (TVL) exceeded $75 billion at the beginning of November 2021. Increasing exposure to the metaverse and the rise in partnerships in the DeFi ecosystem has triggered a spike in the growth trajectory of Chainlink. 

Sergey Nazarov, co-founder of Chainlink protocol, recently tweeted:

As Chainlink’s decentralized services expand beyond validated data e.g., Keepers/Off-chain Compute & CCIP, the Chainlink economy grows in both the value secured ($80Bn+) and the fees generated from that security. Super-linear staking is being worked on to increase security & fees.

Analysts are bullish on LINK price and set a target of $38 for the altcoin before the end of 2021. @linkmarine007, a cryptocurrency analyst, has compared the LINK price trend with the previous cycle. 

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