Chainlink whales now have 63.3% of LINK’s circulating supply. The percentage owned by the top 10 Chainlink whales was 67.5% in January 2021.
The constant distribution of LINK from whale addresses is promising about the price.
Chainlink is once again looking at $15 as the strongest support in the middle of a descending triangle formation.
Cryptocurrency news – Top 10 Chainlink whale addresses now have 63.3% of LINK’s circulating supply. This is shared by the Santiment team, noting that this is the lowest percentage of LINK’s circulating supply held by the top 10 whales in question since the project’s launch in 2017.
Chainlink’s top 10 whale addresses have had less of an impact than ever on LINK (63.3%) total supply since the coin went public in September 2017. For the best assets, whales eventually get less than half the supply.
The percentage of supply owned by Chainlink whales fell from 67.5% in January 2021
From the chart shared above, it can be observed that the aforementioned Chainlink whales held about 67.5% of LINK’s circulating supply in January of this year. Additionally, the same whales held about 69% of Chainlink’s circulating supply during the fourth quarter of 2020. This means an encouraging and continuous redistribution of LINK assets away from whales and other owners.
$15 for Chainlink is the most important level to watch in the middle of a descending triangle pattern
Regarding price action, Chainlink is still in bearish territory as it trades below the 50-day, 100-day and 200-day moving averages as highlighted in the chart below. Additionally, Chainlink is currently trading inside a descending triangle with a bottom at the $15 support area held on May 23 and June 22.
In addition, the following can be observed from the graph:
- Chainlink has additional support at current $18 levels.
- Daily trading volume is falling and warnings of additional losses have been issued with the new week.
- The daily MACD also indicates waning interest in Chainlink trading.
- Daily MFI and RSI are in neutral territory.
- The possibility of Chainlink’s death cross is still in play, at least until LINK manages to trade above the 50-day moving average.
- As with all altcoin analysis like LINK, traders and investors are reminded to be mindful of Bitcoin’s sudden price movements in both directions when trading
- LINK on various derivatives platforms.