- LINK climbed to $7.40 over the last 24 hours before retreating back to $7.23
- Whale holdings rose, suggesting greater optimism about the asset in the near future
LINK, decentralized oracle network Chainlink’s native token, briefly touched the $7.40-level on Wednesday, before settling down to $7.23 at press time, according to CoinMarketCap.
During the ascent to $7.40, the crypto jumped by nearly 3% in value before few investors started to lock in gains. While price fluctuations remained the most intriguing component of market analysis, it is critical not to overlook investors’ behavior that likely contributed to it.
Realistic or not, here’s LINK’s market cap in BTC terms
Whales gobble LINK
Notably, whale investors sprung into action over the last 24 hours. As per on-chain analyst Ali Martinez, transactions involving the transfer of more than $100,000 in LINK surged dramatically.
The transactions were most likely dominated by buyers. Wallets holding between 10,000 to 1 million coins added more than 3 million LINK tokens to their portfolios in the 24-hour period.
As they own a considerable portion of a crypto’s circulating supply, whale investors contribute significantly to price changes through their transaction activity. The buying binge indicated that there is optimism about the near-term outlook, and LINK’s price may swing to the north in the days to come.
Having said that, this shouldn’t be taken as investment advice and readers are advised to DYOR.
Retail investors give thumbs up to LINK
Heightened interest in LINK’
Go to Source to See Full Article
Author: Aniket Verma
Tip BTC Newswire with Cryptocurrency
Donate Bitcoin to BTC Newswire
Donate Bitcoin Cash to BTC Newswire
Donate Ethereum to BTC Newswire
Donate Litecoin to BTC Newswire
Donate Monero to BTC Newswire
Donate ZCash to BTC Newswire
