According to the materials of the site - By COINTURK NEWS
Chainlink (LINK) recently halted its growth after reaching a peak of $24.74 on August 13, showing a notable retreat of 11%. Currently, the altcoin is trading at $22.29, attracting the attention of major investors. On-chain data shows that wealthy users are perceiving the recent price drop as a buying opportunity, indicating a trend of accumulating LINK.
On-chain analysis revealed a sharp increase in the number of LINK transactions exceeding $100,000, with transactions reaching a seven-month high. On August 14, a total of 992 large transactions were recorded. Thanks to the activity of whales, the price reached $24.31, after which a slight decline began.
According to current reports, 232 whale transactions exceeding $100,000 each have been recorded. Despite some market turbulence, large wallet holders maintain interest in LINK, demonstrating unwavering enthusiasm in the cryptocurrency community.
"Chainlink has risen nearly 40% over the past week due to whale activity, reaching transaction levels not seen in the last seven months. Currently, the focus is on impressive profits that have been absent from the market for some time. The active movement of addresses on the blockchain is noteworthy, which hasn't been observed for eight months." — CryptosRUs
According to Santiment data, the number of daily active Chainlink addresses has significantly increased recently. When assessed based on the seven-day moving average, their number has increased by 55% since the beginning of August.
This trend indicates that not only major investors but also a broader base of investors are showing increased interest in LINK. Despite recent market volatility, demand for this altcoin within the community remains high.
Analysis suggests that if the growth in blockchain activity continues while maintaining the support level, the price of LINK could rise.
If the increase in active addresses and sustained interest from major investors continues, the $22.21 level could become a strong support level. Experts note that if this support level is maintained, the price of LINK could rise to $25.55.
Conversely, if the support level of $22.21 is breached, a decline to $19.51 is expected. The market direction will be determined by both blockchain data and overall investor sentiment.
"I consider LINK one of the tokens to watch right now. Given the recent whale activity and the increase in network users, there is potential for significant price fluctuations." — George, CryptosRUs
