Connect with us
Active Currencies 14739
Market Cap $2,551,131,363,846.72
Bitcoin Share 51.56%
24h Market Cap Change $-4.25

Is Chainlink starting to ‘unlink’ from the rest of the bear market

2min Read

Share this article

Chainlink, a popular oracle network, has been seeing a lot of interest from whales lately. According to WhaleStates, LINK has overtaken WETH to become the most traded asset for the top 500 ETH whales.

The network has been down by 62.90% since April. Fortunately, the whale interest isn’t the only thing going for the token, there has been a spike in the activity of Chainlink holders as well.

A huge spike in addresses with a balance greater than $10 million was noted. Also, there has been a 5.88% increase since July in the number of these huge whales.

But that’s not all, addresses with more than $1 million stored have increased by +9.51% since July. And, it seems like big investors in the crypto market have decided to get LINK in their portfolios.

Source: Messari

Although the whales have been showing some interest in the token, LINK hasn’t been able to make that much noise when it comes to its social metrics.

Even though there have been some days of high interest, the majority of LINK’s social dominance has been flat.

Word on the street

However, the sentiment has been slightly more positive than negative indicating that the majority of the crypto community seems to be on the LINK’s side.

One of the reasons for the split in opinion for the traders could be Chainlink’s recent announcement supporting the proof of stake system, with people on either side vouching for their preferred method of cryptography.

Source: Santiment

The volatility in people’s sentiment seems to have affected the price as well with LINK going on a bearish trend since the middle of August.

However, things may be about to take a turn for the better as the price went up by 6.99% in the last 24 hours of press time. In fact, the leading indicator CMF has gone way past the zero line.

Hence, there’s a very high likelihood that a lot of money is entering the LINK market. The RSI seems to be on an upward trajectory and it would be a bullish signal if it manages to hit the 60-mark.

Source: TradingView

Even though few indicators are looking bright for LINK, it can be affected by the bear market in the short term. Therefore, traders should exercise caution before taking any position.


Saman Waris works as a News Editor at AMBCrypto. She has always been fascinated by how the tides of finance and technology shape communities across demographics. Cryptocurrencies are of particular interest to Saman, with much of her writing centered around understanding how ideas like Momentum and Greater Fool theories apply to altcoins, specifically, memecoins. A graduate in history, Saman worked the sports beat before diving into crypto. Prior to joining AMBCrypto 2 years ago, Saman was a News Editor at Sportskeeda. This was preceded by her stint as Editor-in-Chief at EssentiallySports.
Read the best crypto stories of the day in less than 5 minutes
Subscribe to get it daily in your inbox.
Please check the format of your first name and/or email address.

Thank you for subscribing to Unhashed.