- LINK was on the list of the cryptos that the top 1000 Ethereum whales were holding.
- Last week, there were eight integrations of three Chainlink services across four different chains.
Chainlink [LINK] once again became popular among the whales, which reflects the top supply holders’ trust in the token. WhaleStats, a popular Twitter handle that posts updates related to whale activity, recently revealed that LINK was on the list of the cryptos that the top 1000 Ethereum whales were holding. Apart from LINK, SHIB, UNI, and MATIC were also on the list.
🐳 Эң мыкты 1000 #ETH киттер камап жатышат
$161,841,349 $ SHIB
$145,111,570 $BEST
$90,125,210 $LOCUS
$64,847,723 $BIT
$63,733,689 $ UNI
$62,072,328 $ LINK
$61,668,946 $ MATIC
$56,762,792 #БелгисизТокенКиттердин лидер тактасы 👇https://t.co/jFn1zIOq03 pic.twitter.com/oBFOz4uaIC
— WhaleStats (крипто киттерге көз салуу) (@WhaleStats) January 15, 2023
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Possible reasons behind whale interest
A major factor that can be attributed to LINK’s popularity among whales could be the token’s recent price action. ConMarketCap’s маалымат ачып берген LINK’s price increased by more than 12% in the last seven days, and at press time, it was trading at $6.84 with a market capitalization of over $3.4 billion.
Not only that, but increased adoption may also be a valid reason. Chainlink recently posted its weekly adoption update, in which it was mentioned that last week, there were 8 integrations of 3 Chainlink services across 4 different chains, namely BNB Chain, Ethereum, Polygon, and Solana.
⬡ Chainlink Adoption Update ⬡
Бул жумада 8тен 3 интеграция болду Link #Chainl 4 түрдүү чынжыр боюнча кызматтар: #BNBCchain, Мен #Ethere, #Полигон, жана #Солана.
Chainlink helps power the next generation of # Web3 колдонмолор. pic.twitter.com/7k8MMvH1Ur
— Chainlink (@chainlink) January 15, 2023
The increased whale interest can also be attributed to LINK’s performance on its metrics front, as most of them looked positive for the network. For example, LINK’s development activity has increased in the last month, reflecting the developers’ increased efforts to improve the network.
LINK’s exchange outflow also registered several spikes, which was bullish. CryptoQuant’s маалымат ачып берген LINKБиржалардагы таза депозиттери 7 күндүк орточо көрсөткүчкө салыштырмалуу төмөн болуп, сатуу басымынын азайгандыгын көрсөтүп турат.
Interestingly, active addresses on Chainlink have also registered an жогорулатуу lately, representing more users on the network. However, LINK’s network growth decreased over the last few weeks, which was a negative signal.
Канча 1,10,100 ШИЛТЕЛЕР бүгүн баалуу
However, not everything looked good
While the metrics looked optimistic for LINK, the market indicators revealed the other side of the story. Both the Relative Strength Index (RSI) and the Money Flow Index (MFI) registered downticks and were headed toward the neutral mark.
This was bearish, as it increased the chances of a price plummet in the coming days. Nonetheless, the distance between the 20-day Exponential Moving Average (EMA) and the 55-day EMA was reducing, which might soon result in a bullish crossover.
Source: https://ambcrypto.com/chainlink-deciphering-reasons-behind-the-whales-interest-in-link/