Chainlink (LINK) has shown a rising trend that hints at entering the top 10 cryptocurrencies following recent market movements. Considering LINK’s performance, the token may soon have the potential to break into the top 10 list.
Chainlink Popular Among Whales
As LINK experiences a price surge, its popularity among whales seems to be growing. Crypto analyst Ali highlighted on November 29 that Chainlink was one of the most notable altcoins in transactions throughout 2023.
Santiment also made an interesting post on the subject. The statement pointed out that an altcoin held by many investors had changed wallets, which is often followed by “significant price movements.”
Will LINK Rally Again?
LINK’s price has seen a slight decline in the last 24 hours. At the time of writing, it was trading at $14.52 with a market value of over 8 billion dollars, ranking it as the 12th largest cryptocurrency. However, before LINK can start a new bull rally, the token must trade above a significant resistance level.
According to data provided by Hyblock Capital, the token’s liquidation significantly increases when the price reaches the $15.4 level. Consequently, whales looking to increase the token’s market value should push the price above this level.
Moreover, many institutions and organizations have reiterated positive expectations for the upward trend, indicating a high chance of a rise. For example, according to CryptoQuant, LINK’s exchange reserve appears low. This could mean that investors are buying the token at the time of writing.
The high buying pressure for the altcoin is supported by other metrics as well. CryptoQuant noted a recent decrease in LINK’s supply on exchanges, while supply outside of exchanges increased.
Additionally, looking at the data from Coinglass, it can be said that Chainlink’s Open Interest has decreased and its price has been moving sideways. Based on this information, there could be a possibility for a trend reversal. Lastly, market observers have noted that the supply held by the top wallet addresses remained stable during the writing period.
- Chainlink shows potential for top 10.
- Whales increase LINK market value.
- Trading volume and price stability noted.
