Chainlink’s major stakeholders, holding between 10,000 to 1 million LINK tokens, have been actively accumulating more tokens during the current market downturn. According to Santiment data, these stakeholders have added 9.2 million LINK to their holdings since June 24th, representing a 4.65% increase.
At the same time, analytics firm Intotheblock reported that Chainlink’s exchange netflows have been negative in the past two weeks, with approximately $110 million worth of LINK withdrawn from exchanges. This suggests an accumulation phase as investors move their tokens to secure, long-term storage in anticipation of future price increases.
In terms of price, Chainlink is currently trading at $13.00 with a 24-hour trading volume of $279 million. The token has seen a 4.75% increase in the last 24 hours, pushing its market cap to $7 billion. Chainlink ranks as the 15th largest cryptocurrency by market capitalization.
Market analysts are bullish on Chainlink, with predictions that LINK could start rising from its seasonal bottom in June. Technical analysis indicates that if LINK maintains its level above $12.52, it may face resistance at $14.44, with potential to rise even higher to $15.50.
Overall, factors such as whale accumulation, negative exchange netflows, and technical analysis predictions point towards a bullish outlook for Chainlink in the near future. Investors will likely monitor LINK closely to capitalize on these trends as market sentiment improves.