Whales in the cryptocurrency market are accumulating Chainlink (LINK) tokens, adding $9.6 million worth of LINK to their holdings within three days. Santiment’s data shows a significant surge in whale accumulation, with the number of large wallets holding between 10,000 to 100,000 LINK tokens reaching the highest recorded level since December 2022. However, while this accumulation has boosted the price of LINK, the overall outlook for the cryptocurrency remains cautious as it has experienced a decline in price over the past month. Despite this, key indicators such as the Relative Strength Index (RSI) and the Chaikin Money Flow (CMF) suggest bullish sentiment. Additionally, Chainlink has seen increased development activity, indicating potential updates and upgrades for the network. Collaborations, such as the integration of Chainlink Price Feeds on Arbitrum by Balancer, can enhance Chainlink’s position and utility in the broader blockchain landscape. It’s important to note that trading cryptocurrencies is a high-risk investment, and it’s advised for readers to conduct their own research before making any decisions.
AI Sentiment: Positive