{"id":31947,"date":"2024-12-29T21:30:52","date_gmt":"2024-12-29T21:30:52","guid":{"rendered":"https:\/\/mycryptomania.com\/?p=31947"},"modified":"2024-12-29T21:30:52","modified_gmt":"2024-12-29T21:30:52","slug":"chainlink-whales-accumulate-77-million-link-amid-price-correction-details","status":"publish","type":"post","link":"https:\/\/mycryptomania.com\/?p=31947","title":{"rendered":"Chainlink Whales Accumulate $77 Million LINK Amid Price Correction\u00a0\u2013\u00a0Details"},"content":{"rendered":"

Amid a general market retracement, prominent altcoin Chainlink has recorded a 29.89% price decline from its local market top at $30.31<\/a>. LINK currently hovers around $21 having failed to move past $26 despite recent uptrends. During this price fall, LINK whales have adopted an accumulation approach signaling confidence in the altcoin\u2019s long-term profitability.\n<\/p>\n

Chainlink Whales Acquire 3.58 Million LINK In 3 Days<\/strong><\/h2>\n

Following a strong bullish performance in early December, the crypto market has undergone a significant correction in the past two weeks attributed to several factors including a flash crash price and potential reductions of Fed rate cuts in 2025.\u00a0<\/p>\n

As this corrective market persists, blockchain analytics company Santiment has reported an accumulation spree by LINK whales holding between 1 million-10 million LINK. In an X post on December 28<\/a>, Santiment states that these large LINK holders have purchased 3.58 million LINK valued at $76.9 million over the past three days.<\/p>\n

Generally, significant levels of whale accumulation are indicated as bullish signals as these large token holders are confident of future gains. In the case of a price decline such as this, these massive accumulation levels reflect the belief that LINK is currently undervalued with a potential market rebound on the horizon.<\/p>\n

Related Reading: Chainlink And AAVE Surge After Trump\u2019s Crypto Project Invests In Both<\/a><\/p>\n

Key Resistance Levels For LINK<\/h2>\n

While high levels of whale accumulation are one sign of an impending price rally, analysis platform More Crypto Online has shared another positive insight on the LINK market.<\/p>\n

According to a recent X post<\/a>,\u00a0 these market analysts state Chainlink still maintains an uptrend on larger time frames despite\u2019s recent correction with its major support level set at $17.65. Based on the Elliott Wave Theory, If the LINK\u2019s price holds above this level, the altcoin is predicted to rise to $69 in line with the expected third wave of the current market cycle.\u00a0<\/p>\n

However, for confirmation of a price uptrend, Chainlink must break through resistance levels at $25.10 and $28.30. A decisive five-wave move above these levels would solidify the bullish case and suggest further price appreciation. In Elliott Wave theory, the five-wave structure is a reliable pattern indicating a strong trend continuation, making the breakthrough of these resistance levels pivotal for the ongoing rally.<\/p>\n

At the time of writing, Chainlink trades at $21.90 reflecting a 1.44% gain in the past 24 hours. However, the asset\u2019s daily trading volume is down by 12.55% and valued at $726.44 million. With a market cap of $13.96 billion, LINK is ranked as the 13th largest cryptocurrency.<\/p>","protected":false},"excerpt":{"rendered":"

Amid a general market retracement, prominent altcoin Chainlink has recorded a 29.89% price decline from its local market top at $30.31. LINK currently hovers around $21 having failed to move past $26 despite recent uptrends. During this price fall, LINK whales have adopted an accumulation approach signaling confidence in the altcoin\u2019s long-term profitability. Chainlink Whales […]<\/p>\n","protected":false},"author":0,"featured_media":31948,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-31947","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-discovery"],"_links":{"self":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/31947"}],"collection":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=31947"}],"version-history":[{"count":0,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/31947\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/media\/31948"}],"wp:attachment":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=31947"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=31947"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=31947"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}