Amid the turbulent crypto bear market, Chainlink whales are continuing to show their hand by refusing to back down. This has led to a rapid rise in not only the holdings of these Chainlink whales but the number of whale addresses associated with the altcoin as well.
Chainlink Whale Addresses Rise By 6%
In a report posted on X (formerly Twitter), on-chain data tracker Santiment revealed what Chainlink whales have been up to over the last month. Apparently, while most of the market has been freaking out over declining prices, these whales have taken it as a sign to continue to buy more tokens.
The report showed a considerable amount of accumulation among large LINK wallets which hold between 1 million and 10 million tokens. However, this was not the only holder cohort that was taking advantage of the lower prices.
Another cohort featuring wallets holding between 100,000 and 1 million tokens had been buying up as many coins. This buying spree saw a good number of wallets move from this cohort into the higher echelon and the rest has been a 6% increase in the number of wallets holding 1 million and 10 million LINK tokens.
LINK whale addresses rise rapidly | Source: Santiment on X
In the same vein, accumulation among smaller wallets also saw the number of wallets in the 100,000 and 1 million tokens cohort rise as well. With 27 more wallets added to the lineup, the number of wallets in this cohort went up by 5.8%.
LINK Price Enjoys The Spoils Of Accumulation
As evidenced by the movement of the altcoin on the charts, the LINK price has benefitted from these large accounts choosing to buy instead of sell. On Wednesday, October 11, the Chainlink price went from a low of $7.12 to a high of $7.4.
Even more interesting is the fact that this was happening while the rest of the market bled, as Santiment notes. “#Chainlink’s market value sits at $7.31, trading ahead of most of #crypto over the past 12 hours,” the tracker explained in the post.
However, it seems that LINK is beginning to run out of steam as of Thursday morning when the price began to reverse. LINK’s decline during this time has seen its price fall around 3%. This could signal some profit-taking following Wednesday’s price increase.
At the time of writing, the Chainlink price is at $7.24, down 6.21% on the weekly chart. Currently, the bears and the bulls are locked in a fierce battle over turning the $7.2 mark to either support or resistance.
LINK price retraces from Wednesday's gains | Source: LINKUSD on Tradingview.com
Featured image from CoinMarketCap, chart from Tradingview.com