Thursday, April 18, 2024

Chainlink (LINK) Surges on Whale Accumulation, Price Up 10%.

Over the last two days, chainlink holders have been gaining LINK. Increases in whale wallets and decreases in normal investor holdings have affected Chainlink’s supply, which is expected to spur altcoin increases.

Chainlink observes supply dispersion and whale stockpiling that bolster the bullish argument.

Since the beginning of the month, huge wallet addresses have been accumulating on Chainlink, according to data from the crypto intelligence tracker Santiment. As can be seen in the chart below, smaller LINK wallets with 100–100,000 LINK tokens have sold out, while larger wallets with 100,000–1 million LINK tokens have amassed the cryptocurrency.

An increase in the asset’s price and whale accumulation provide credence to an optimistic outlook for the cryptocurrency.

According to Lookonchain, within the previous 48 hours, eight new wallets removed 831,160 LINK tokens from Binance, which is estimated to be worth $16.72 million. This lessens the amount of LINK that is stored in exchange wallets and lessens the selling pressure.

It indicates that whales are building up their LINK holdings and that selling pressure is easing, both of which suggest short- to medium-term price increases.

While market players are looking forward to and in demand for Bitcoin and Ethereum exchange-traded funds (ETFs), prominent cryptocurrency influencer @ChainLinkGod, who goes by the X handle @ChainLinkGod, is advocating for a Chainlink Spot ETF and pointing out that Grayscale’s Chainlink Trust’s product GLNK is “broken.”

Can traders profit from the arbitrage when GLNK is selling at a 750% premium?

The Grayscale Chainlink Trust product, GLNK, is currently selling at a 750% premium to its LINK holdings. Since holders of GLNK shares can sell them in the secondary market after a 12-month waiting period, this premium has not been arbitraged. As a result, while a freshly issued share may theoretically increase in value by 750% right away, it is impossible to predict with certainty what the altcoin’s price will be after a year.

If there had been an underlying LINK Spot ETF, GLNK would have been perfect for arbitrage; unfortunately, the Securities and Exchange Commission has not yet approved Spot ETFs for cryptocurrencies other than Bitcoin.

The price of LINK may rise to a high in 2024.

The price of ChainLink is now rising. The Awesome Oscillator (AO) and Moving Average Convergence/Divergence (MACD), two technical indicators, suggest that a decline in Chainlink’s price is probably imminent. Thus, LINK may overcome the 23.6% Fibonacci retracement level of its advance to the top in 2024, at $19.45, before continuing its ascent to $21.69.

A rise in the asset to $21.69 signifies gains of around 9%. On March 2, the price of LINK reached its 2024 high of $21.69.

In the event that the cryptocurrency has a correction, Chainlink’s price might drop to the 38.2% Fibonacci retracement level at $18.06.

Cryptured Team
Cryptured Team
The writers team at Cryptured.com is composed of passionate and experienced journalists who cover the latest developments in the crypto and blockchain space. They aim to provide accurate, unbiased and easy-to-understand news and information for their readers, as well as insights and analysis from industry experts. The writers team is always on the lookout for new and exciting stories that can help the general public learn more about the potential and challenges of these technologies.
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