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Chainlink: Exploring the possibility of sustained whale interest amidst bull rally



Chainlink: Exploring the possibility of sustained whale interest amidst bull rally
Source: StockAI
  • Chainlink was on the list of the top 10 purchased tokens among the 100 biggest Ethereum whales. 
  • A few metrics were bearish, but the market indicators suggested otherwise. 

Chainlink [LINK] continued to increase its adoption with new partnerships, the latest being with Elure Labs. As per the official announcement on 13 January, Elure Labs has integrated Chainlink Price Feeds to help ensure that collateralization ratios were calculated based on tamper-proof market data. 

How much are 1,10,100 LINKs worth today?

Apart from the new integration, LINK also remained one of the top choices for the whales. WhaleStats, a popular Twitter account that posts updates related to whale activity, revealed that LINK was on the list of the top 10 purchased tokens among the 100 biggest Ethereum whales on 26 January. 

LINK’s chart responded in favor of investors as its weekly chart was painted green. Its price increased by over 11% in the last seven days, and at the time of writing, the token was trading at $7.16 with a market capitalization of over $3.6 billion. 

What the metrics suggest

A few metrics remained in favor of LINK over the last week, while the rest supported a bearish outlook. CryptoQuant’s data revealed that LINK’s exchange reserve was increasing, which indicated higher selling pressure. Similarly, the active addresses and transfer volume also registered a decline.

As per Santiment’s chart, LINK’s DyDx funding rate declined slightly over the past week, suggesting less demand in the futures market. However, the token’s development activity went up substantially.

Moreover, LINK’s popularity increased as its social volume remained high consistently.

Source: Santiment

Realistic or not, here’s LINK’s market cap in BTC’s terms

LINK investors can relax

Carrying forward the bullish stance noted above, LINK’s Exponential Moving Average (EMA) Ribbon revealed a buyer’s advantage in the market because the 20-day EMA was higher than the 55-day EMA.

The Relative Strength Index (RSI) was restive above the neutral mark, which was bullish. Moreover, despite the Chaikin Money Flow (CMF) registering a slight decline, it was still considerably above the neutral mark, further increasing the chances of a continued price surge.

Source: TradingView

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Ser Suzuki Shillsalot has 8 years of experience working as a Senior Investigative journalist at The SpamBot Times. He completed a two-hour course in journalism from a popular YouTube video and was one of the few to give it a positive rating. Shillsalot's writings mainly focus on shilling his favourite cryptos and trolling anyone who disagrees with him. P.S - There is a slight possibility the profile pic is AI-generated. You see, this account is primarily used by our freelancer writers and they wish to remain anonymous. Wait, are they Satoshi? :/

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