According to data from Santiment, investors are buying large quantities of Chainlink (LINK) from those that couldn’t hold their own and selling the coin quickly after last week’s crash. They added 3.4% of the total LINK offering to their crypto vaults.

Whale collects Chainlink (LINK)

Data from Santiment shows that crypto whales, hoarding from 1 million to 10 million LINK in their wallets, quickly began collecting goods after short-term investors began selling LINK at the time of the market collapse and became “underdogs”.

In total, whales bought 62.02 million LINK, an astonishing number during this decline. That figure equates to 3.4% of the total Chainlink offering, which equates to $ 1.45 billion.

The source: mood

As early as August, Santiment noticed a sell-off at LINK and a lack of desire to last long. The reason may be the natural reaction of the market to price fluctuations. LINK hit an all-time high of $ 52.88 on May 10th and has since fallen to a low of $ 13.97 on July 20th and is rising steadily again. On September 6th, LINK rose to $ 35.58 but has been on a downward trend since then.

Chainlink continues to see new partnerships with other blockchain platforms. Newer names include Avalanche and Cardano. From now on, Chainlink will be used to create advanced smart contracts.

Cardano announced this news on September 25th during the Cardano Summit 2021. However, the announcement didn’t seem enough to push LINK to the top. It looks like the rally has stalled, especially after climbing to $ 25.39 on September 27th.

LINK / USD 4H chart | Source: TradingView

At press time, LINK is trading at $ 22.93.

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mango

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