Journalist
Posted:
- LINK is up more than 20% for the third time in two months.
- Whales collected more than 4% of the total supply.
Chain link [LINK] has broken away from price developments in the broader market and is now following its unique trajectory. Due to the current price movement, certain other metrics have also reacted accordingly.
Chainlink peaks again
A review of Chainlink’s daily timeframe chart revealed that the company recently experienced another notable double-digit price increase.
On November 8, the price rose 14.33% to close at almost $15. Remarkably, this was the third time such a substantial price movement had occurred within a span of less than two months.
Source: TradingView
Despite spending some time in overbought territory, the recent rebound has pushed the country even further into overbought territory.
This was evident from the fact that the Relative Strength Index (RSI) exceeded 80. Furthermore, at the time of this update, the index was trading with a small loss of around 2%, but still maintaining a price above $14.
The positioning of the RSI underlined a robust bull trend.
Furthermore, this latest price trend has caused previously inactive portfolios to become active, prompting whales to increase their accumulation.
Chainlink’s dormant offering becomes active
From Santiments Chart analysis shows that there has been a recent trend where the average age of Chainlink tokens in wallets is starting to level off.
This development suggests that previously dormant whale tokens are returning to the market.
Essentially, the current price trend has been impressive enough to motivate long-term token holders to release their holdings. This action by the whales will result in a greater supply of LINK tokens in circulation, and will increase trading volume.
Source: Santiment
Additionally, the Santiment chart revealed that as dormant coins become active, certain whales have also escalated their accumulation efforts.
The chart illustrates that wallets holding between 10,000 and 10 million LINK tokens now control more than 38% of the supply. Furthermore, a deeper study revealed that these wallets have acquired 4.7% of the total supply over the past five months.
How much are 1,10,100 LINKs worth today?
LINK’s 30-day MVRV screams huge profits
Chainlink’s recent price performance has been remarkably favorable and profitable, especially for holders over the past 30 days. An examination of the 30-day market value to realized value ratio (MVRV) for LINK revealed a substantial figure.
At the time of this analysis, the MVRV was around 27%. This MVRV value suggests that LINK holders from the past 30 days are currently enjoying gains of over 26%. However, the MVRV and the RSI signal the potential for a price correction in the near future.
Source: Santiment
