Despite the drop in Bitcoin and most altcoins, Chainlink shows resilience due to whale activity and its reserve strategy.
Chainlink Price and Whale Activity
Chainlink price has been trading steadily at $25.35, marking its highest level since January of this year. Since its low in June 22, the price has surged by 135%. Data from Nansen indicates that major investors are actively accumulating LINK tokens, increasing their holdings to 5.43 million tokens, valued over $135 million.
Fundamental Aspects of Chainlink
Chainlink is recognised as the largest oracle in the crypto industry, bridging off-chain and on-chain data. It powers leading players like Aave, Compound, and Maple. Additionally, Chainlink has emerged as a key player in real-world asset tokenization, collaborating with major firms such as Swift and JPMorgan.
Technical Analysis of Chainlink Prices
Technical analysis reveals that Chainlink is in a strong bullish trend, having risen from $10.90 in June to $26.30. The price chart shows a golden cross, indicating potential for further gains. Indicators such as the Relative Strength Index and the Stochastic Oscillator confirm growing momentum, aiming for the target of $30.
The market standing of Chainlink underscores its strength and resilience, highlighted by whale activity and price recovery.
