New data from the team at Santiment suggests that the top 100 ChainLink whales have in the past three months, being busy accumulating more LINK tokens. The analysis was shared via Twitter and explained that the whales had added 18.3 Million LINK tokens to their bags in the said time period
Additionally, the analysis suggested that the accumulation was a positive sign with respect to the long term value of LINK in the crypto markets. Below is the tweet providing the analysis.
ChainLink Could Close the Year at $20
Furthermore, Veteran Crypto Analyst, Timothy Peterson, has pointed out that ChainLink has had a consistent relationship with the price of Bitcoin. According to Mr. Peterson, if the relationship was to continue, LINK would close the year at a value of $20. He provided his analysis via Twitter and attached two charts that can be found below.
The first was a LINK/BTC chart showing a linear increment in value which highlights the said relationship. The second was LINK’s price denominated in USD and which showed a similar linear path as the first. In the second chart, it can be seen that LINK is destined for a value of $20 by the end of the year.
A Brief T.A of ChainLink (LINK)
Revisiting the daily LINK/USDT chart reveals that ChainLink has lost several crucial support zones between $13 and $11. At the time of writing, the $10.50 price area is offering short term support. If this were to break, LINK could well be on a path to visit the crucial $8.80 support zone which also was the last ‘organic’ all-time high value set before LINK marines answered the calls to liquidate Zeus Capital.
Also from the daily LINK/USDT chart above, the following can be observed.
- Trade volume is in the red but reducing and could hint of possible consolidation
- The 100-day moving average provides some support around the $9.50 – $10 price area
- The daily MACD is still in bear territory. However, its histograms hint of reduced selling
- MFI is in neutral territory at a value of $45
Conclusion
Summing it up, in the last three months, ChainLink has pumped hard from a value of around $4 to a new all-time high slightly above $20. During the same time period, ChainLink whales have added 18.6 Million LINK tokens to their bags. This could indicate that LINK has a bright future ahead.
Additionally, Timothy Peterson of Cane Island Alternative Advisors, postulates that LINK could close the year at a value of $20.
A brief technical analysis hints at a possible consolidation of LINK above the $10 psychological price level.
As with all analyses of ChainLink, traders and investors are advised to use stop losses when trading LINK on the various derivatives platforms.
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