Chainlink was already one of the five best cryptocurrencies on the market in September 2020. Together with DeFi, LINK exploded in the charts, but did not grow as fast as other Altcoins so far. Why?
Fast forward to 2021, LINK slipped out of the top 10 and is in 15th place on the charts. Furthermore, given the volume of trading, it also goes unnoticed by investors.
While other blockchain projects continue to herald many new developments, LINK seems to be losing its bullish momentum. However, recent developments suggest that the project could launch a number of events in the future.
Source: trade view
According to data from Santiment, addresses with a million to 10 million LINK collected an additional 62 million coins valued at nearly $ 1.5 billion. During FUD China’s recent sale, whales reacted quickly and the range of wallets ranging in size from 1 million to 10 million rose from 16.5% to 20%.
A deeper analysis now shows that the small fish – addresses with 100,000 to 1 million LINK – have continuously increased since November 2020. On the other hand, smaller addresses with 100 – 1,000 LINK have fallen sharply after the latest corrections. This shows that new investors are gradually leaving LINK after the price has fallen continuously.
But will the whale ever go?
Source: Glassnode
The focus of the LINK rally in 2020 is the dense concentration of whale addresses. Many believe that this problem will be resolved in 2021 if the distribution increases. According to Glassnode, however, the top 1% of addresses still hold an all-time high of 86% of the LINK offering, up from 80% in 2020.
Now the LINK ecosystem continues to experience the same criticism in this regard as it did last year. But there is no denying that LINK increases the most when it reaches a certain concentration among the top 1% addresses. Will history repeat itself in the fourth quarter of 2021? Only time will answer.
Source: trade view
LINK’s sharp drop to $ 25 could be linked to the 0.618 Fibonacci line. An immediate daily candle close above 0.618 will protect the asset from further corrections, but increased downward pressure could push the price to $ 17.50. This is a series that was retested in late July.
Join Bitcoin Magazine Telegram to keep track of news and comment on this article: https://t.me/coincunews
mango
According to AMBCrypto
Follow the Youtube Channel | Subscribe to telegram channel | Follow the Facebook page
Discover the Best New Meme Coins to Join for 2025. BTFD Coin's price rollback offers…
Discover how DTX Exchange's historic achievement of 100,000 transactions per second on a layer-1 blockchain…
VanEck suggests the U.S. could reduce its national debt by 35% by 2050 through a…
President-elect Donald Trump named Bo Hines as the executive director of the presidential crypto council.
Explore the best new meme coins with 1000X potential. Learn how BTFD Coin leads with…
BlockDAG crosses $170.5M in presale success with BDAG250 bonus and Whitepaper V3 launch! Solana grows…
This website uses cookies.